28 March 2022, Mumbai:
In just about six months of starting operations in India, Singapore’s e-commerce firm Shopee has decided to shut its India operations, according to three people in the know. Shopee announced to its local team in a company-wide town hall on Monday that it will exit India.
The etailer which competes with the likes of Meesho, Flipkart, and Amazon, especially at the lower-end of the market, will shutter its India operations later tonight, according to sources aware of the matter.
The development is surprising considering Shopee had aggressive plans for India and was offering heavy discounting on its marketplace to take on existing biggies. Earlier this year, Shopee, housed under Sea, pulled out from France as well after its recent foray in Europe.
RELATED NEWS Flipkart owned by Walmart: Rides on live commerce bandwagon
“Employee access was down since morning today (Monday) and operations might shut down from tonight..” said a person in the know.
In light of global market uncertainties, we have decided to close our early-stage Shopee India initiative, the company said in a statement to ET.
Join our community on Linkedin
CREDITS: ET Dux Tech Finno Expert News Prepare (The news article has not been edited by DFU Publications staff).
