Just about six months after entering India, Singapore’s e-commerce firm Shopee has decided to shut its operations. Shopee is the e-commerce platform of Singapore’s giant Sea.
It was offering a lot of variety in fashion products for men, women, kids as well as in home furnishing on reasonable rates.
Shopee announced the development to its local team in a companywide town hall and said that it will cease to operate in India immediately.
In an official statement, Shopee said that it is shutting business in the South Asian market due to “global market uncertainties.”
It will shut its business effective 29 March and the same information is shared on its Indian website.
It’s sudden closure came as a shock to hundreds of employees in India. The local India team learned about shutting down operations earlier on Monday.
Recently the Confederation of All India Traders (CAIT) approached the Prime Minister Narendra Modi, cautioning him that Shopee’s strategy to offer a wide range of products at lucrative prices will hurt the local retailers.
Earlier this year, Shopee had pulled out from France, after its recent foray in Europe.
