Sea’s Shopee to Shut Down Operations in India
- ByStartupStory | March 28, 2022
Singapore’s ecommerce giant Sea on Monday announced that it is shutting Shopee in India, months after the firm began recruiting sellers in the country. The announcement came following India’s decision to ban Sea’s popular title “Free Fire” that led to a loss of over $15 billion in Shopee’s market cap. However, sources have said that Shopee’s India shutdown decision is not linked with the Free Fire ban in India but is closing down the business in the South Asian market due to various global market uncertainties.
A spokesperson in a statement said that the company has decided to close the early-stage Shopee India initiative due to global market uncertainties. During the transition period, the company will focus on supporting the local seller and buyer communities to make the process as smooth as possible. It will also continue to focus on delivering a positive impact to the global communities, in line with its mission to better the lives of the underserved through technology.
It is to be mentioned that in September last year, Shopee had launched a website for sellers in India. The six-year-old e-commerce service was also seen onboarding sellers by offering them lucrative perks such as free shipping and zero commission. It was only a month later that the company officially launched in the country.
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