SoftBank-backed Indian e-commerce firm Snapdeal has filed a request this week with the country's market regulator SEBI to withdraw its IPO prospectus as "appetite for tech stocks lessens", per a report by Reuters, citing a source with direct knowledge of the matter.

Snapdeal filed its initial public offering (IPO) regulatory papers for approval in December 2021, a year that saw many stock market debuts and record fundraising by Indian startups. The startup however decided to pull the plug on its $152 million IPO, making it the latest casualty of a meltdown in tech stocks that have soured investor sentiment.

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