According to reports, Ecom Express – an Ecom focused logistics player which was preparing for a listing before the markets turned choppy, is planning to raise $125-150 million in private funding.

Ecom Express, like multiple other top-tier startups, has put its Initial Public Offering (IPO) plan on hold for now.

The company is working with investment banks JM Financial and Barclays for the fundraising, and is looking to benchmark itself against Delhivery, the largest third-party logistics player which went public in May.

According to reports, IPO looks unlikely in a market now and they have pitched to investors for a round of up to $150 million. The conversations are early, and a valuation has not been finalized yet.

Ecom Express and SoftBank-backed Xpressbees have a narrow gap between them in terms of daily shipment volumes, while Delhivery is the market leader.

Reports suggest that the company is clocking about 1-1.1 million ecommerce shipments per day.

According to reports the company had a big boost from Singapore’s Shopee last year but then the e-tailer abruptly shut shop in March. This has impacted volumes in the new fiscal year.

Due to macroeconomic changes and rising interest rates in the United States, the company’s plans for a new funding round come at a time when deals of $100 million or more have slowed, both in India and abroad.

The company’s new fundraise estimates are lower than what it was considering through an IPO last year where its board approved a $600 million public share sale plan, although a significant chunk of this would have been through an offer for sale.

According to the company, it is present in 29 states and operates in over 2,650 towns across 27,000 pin codes. Last year, it invested in Bangladesh’s Paperfly in a bid to expand operations outside India.