Poshmark Closes Its Operations in India’s Retail Market
- ByStartupStory | October 21, 2023
US-based social shopping platform Poshmark is set to cease its operations in India, with Indian users losing access to their accounts starting November 2, 2023. This move comes almost two years after Poshmark expanded its presence in the Indian market.
Poshmark is also exiting from the UK and Australia. The company’s official statement mentions that this decision is driven by a strategic focus on its core markets, particularly in North America, such as the United States and Canada.
According to the company’s FAQ, effective November 1, 2023, buyers and sellers in India, Australia, and the UK will no longer be able to access the Poshmark marketplace through the app or website. The platform, however, will continue to process return requests for orders placed before October 26, 2023.
Poshmark is a platform that enables users to buy and sell a variety of items, including fashion, home decor, and beauty products. In recent times, the company has experienced a decline in its user base. Sensor Tower’s data indicates that Poshmark’s international presence has dwindled, with fewer than 50,000 users in India, the UK, and Australia.
This development comes nearly a year after Poshmark was acquired by South Korean giant Naver at a reduced valuation of $1.2 billion, compared to its earlier valuation of $7.3 billion. “I know this is especially hard news for those of you across the globe who have come to know and love Poshmark—please know that I’m incredibly grateful for you and for the community that we’ve built together. We hope to be back at some point in the future,” wrote Manish Chandra, cofounder and chief executive of Poshmark, in a blog post.
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Poshmark now joins a list of major companies that have withdrawn from the Indian market. In the previous year, Singapore’s e-commerce giant Shopee ceased its operations in India in March 2022, only five months after its launch. Shopee’s decision to exit the Indian market coincided with the ban on Free Fire, a game operated by Shopee’s parent company, Sea Ltd.
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