SoftBank-backed digital marketplace Snapdeal has shelved plans for a $152 million public offering.
Snapdeal filed its IPO filings for regulatory approvals in December 2021. Snapdeal was founded in 2010 by Wharton alumnus Kunal Bahl and IIT graduate Rohit Bansal. The year saw the blockbuster listing of restaurant aggregator Zomato in July 2021, followed by Falguni Nayar-led Nykaa in November 2021.
Private and public markets experienced a bull run during the year. However, the performance of tech stocks in 2022 caused investor sentiment to deteriorate.
Snapdeal currently faces competition from Flipkart and Amazon in India. The e-commerce player currently trades “value-for-money” products priced under Rs 1,000 in the value segment.
“There is currently no interest in tech stocks,” the people said, adding that SEBI has been informed of current market conditions and other strategic decisions leading to changes in IPO plans.