SINGAPORE : Shopee, the e-commerce arm of Southeast Asia's Sea Ltd, said in a statement on Monday that it is closing down its India operations"in view of global market uncertainties".
The Singapore-headquartered technology group launched in India in October 2021 as part of an international push that saw it expand into Europe. The retrenchment comes weeks after Shopee announced it was pulling out of France and after India banned Sea's popular gaming app"Free Fire". After the ban, the market value of the New York-listed Southeast Asian firm dropped by $16 billion in a single day, leading some investors to cut its holdings.
Shopee said in its statement it would work"to support local seller and buyer communities and our local team to make the process as smooth as possible".