March 28, 2022
SINGAPORE (Reuters) – Shopee, an e-commerce division of Southeast Asia’s Sea Ltd, said Monday it was closing its operations in India “due to global market uncertainty”.
The technology group, headquartered in Singapore, was launched in India in October 2021 as part of an international push that led to its expansion in Europe.
The cuts come a few weeks after Shopee announced its exit from France and after India banned the popular Sea gaming app “Free Fire”.
After the ban, the market value of the Southeast Asian company, which is listed on the New York Stock Exchange, fell by $ 16 billion in one day, which led some investors to reduce its shares.
Shopee said in a statement that it would work “to support local sellers and buyers and our local team to make the process as smooth as possible.”
(Report by Fanny Potkin; edited by Jason Neely)