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Sea's e-commerce arm Shopee to shut down India operations

The Singapore-headquartered technology group launched in India in October 2021 as part of an international push that saw it expand into Europe.

March 28, 2022 / 01:58 PM IST

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.