Sea’s e-commerce arm Shopee to close down India operations

Shopee, the e-commerce arm of Southeast Asia’s Sea Ltd, stated in a press release on Monday that it’s closing down its India operations “in view of global market uncertainties”.

The Singapore-headquartered expertise group launched in India in October 2021 as a part of a global push that noticed it increase into Europe.

The retrenchment comes weeks after Shopee introduced it was pulling out of France and after India banned Sea’s well-liked gaming app “Free Fire”.

After the ban, the market worth of the New York-listed Southeast Asian agency dropped by $16 billion in a single day, main some buyers to chop its holdings.

Shopee stated in its assertion it will work “to support local seller and buyer communities and our local team to make the process as smooth as possible”.