SoftBank-backed Indian e-commerce firm Snapdeal has decided to terminate its $152 million initial public offering, the company told Reuters, making it the latest victim of a tech stock rout that has soured investor sentiment.

Snapdeal filed its initial public offering (IPO) regulatory filing for approval in December 2021, a year that saw many Indian startups make stock market debuts and record fundraisings. But many companies have delayed their IPOs amid plunging stock markets raising concerns about frothy tech valuations.

Snapdeal, which competes with larger rivals Amazon and Walmart-owned Flipkart in India’s booming e-commerce sector, filed a withdrawal IPO request with the country’s markets regulator SEBI this week, a people with direct knowledge of the matter said.

“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.

In a statement to Reuters, Snapdeal said it had decided to withdraw the IPO prospectus “in light of current market conditions” without elaborating. It added that Snapdeal might reconsider an IPO depending on its need for capital and market conditions.

New Delhi-based Snapdeal was founded in 2010 by Wharton alumnus Kunal Bahl and IIT graduate Rohit Bansal. The company said it caters to the so-called value e-commerce segment by selling “value for money” or more affordable products through its shopping site and app.

Snapdeal, valued at $6.5 billion in 2016, has waned in popularity over the years as competition has intensified. It has lost money for the past three fiscal years (from 2019 to 2021) and is looking to raise fresh capital through an IPO at a valuation of $1 billion.

The change in Snapdeal’s plans comes at a time when tech stocks listed in India have faced investor wrath in recent years.

Shares of Indian digital payments company Paytm have fallen 76% since it went public, raising $2.5 billion in November 2021 in one of the country’s largest-ever IPOs.

Shares of food delivery company Zomato have halved from their all-time highs after going public in July 2021.

Indian online pharmacy PharmEasy, funded by TPG and Prosus, withdrew documents for its $760 million IPO in August. Warburg Pincus-backed wireless headphone seller boAT Lifestyle also pulled papers in October.

The first people added that Snapdeal has yet to decide on any new timeline for reapplying for the IPO.

Snapdeal had hoped to use proceeds from the IPO to fund its organic growth plans, which included a new issue worth Rs 12.5 billion ($152 million) and an offer for 30.8 million shares.

Investors SoftBank, Sequoia Capital and the Ontario Teachers’ Pension Plan Board have offered to sell some of their stakes in the IPO.