Shopee India

2022 - 3 - 28

Post cover — Image courtesy of "The Business Times"

Brokers' take: Analysts say Shopee's India exit raises Sea's prospect ... (The Business Times)

SEA'S shutting down of its Shopee business in India could allow it to focus on other markets and raise its prospect of profitability, noted analysts.

Sea's Shopee to shut India operations in second pullback this month (The Straits Times)

SINGAPORE (REUTERS) - E-commerce and gaming firm Sea said on Monday (March 28) it is shutting its Shopee business in India just months after starting ...

Offline retailers in India have often alleged foreign companies bypass regulations and offer deep discounts that hurt their business, allegations the companies deny. It has since dropped to US$64.76 billion in March 2022. India's fast-growing e-commerce market was already dominated by players such as Amazon.com and Walmart's Flipkart. "We continue to work on addressing the situation with Free Fire in India," added the firm. One person with direct knowledge of the company's thinking said Shopee's decision to exit from India was sparked in part by stricter regulatory scrutiny that saw Sea's gaming app Free Fire banned as part of a crackdown on companies allegedly sending data to servers in China. Shopee said in its statement on Monday that its withdrawal from the Indian market came "in view of global market uncertainties".

Shopee exits India amid suspected China links, shocking sellers (South China Morning Post)

Shopee's unexpected announcement that it would leave India after just five months in the market comes after its sister company Garena saw its mobile game ...

Singapore's Shopee decides to abruptly shut India business (Economic Times)

Shopee announced the development to its local team in a companywide town hall on Monday, saying it will cease to operate in India immediately, three people ...

Existing orders will also be shipped and delivered as per process, the note to sellers said. While the company was adding new staff and sellers, these numbers have not changed drastically since then. The company had lost over $16 billion in market capitalisation after India banned its gaming app. CAIT had also approached anti-trust body Competition Commission of India, alleging predatory pricing on its site. accusing Shopee of having Chinese investmentsand not adhering to Indian rules. banned its parent firm Sea’s gaming app Free Fireas part of a wider effort to clamp down on Chinese apps.

Singapore's e-commerce major Shopee to shut down India operations (Business Today)

The retrenchment comes weeks after Shopee announced it was pulling out of France and after India banned Sea's popular gaming app "Free Fire".

Offline retailers in India have often alleged foreign companies bypass regulations and offer deep discounts that hurt their business, allegations the companies deny. India's fast-growing e-commerce market was already dominated by such players as Amazon.com Inc and Walmart’s Flipkart. It has since dropped to $64.76 billion in March 2022. One person with direct knowledge of the company's thinking said Shopee's decision to exit from India was sparked in part by stricter regulatory scrutiny that saw Sea's gaming app Free Fire banned as part of a crackdown on companies allegedly sending data to servers in China. Shopee said in a statement its withdrawal came "in view of global market uncertainties" and that the company would make "the process as smooth as possible". Sea earlier this month said revenue growth of its e-commerce business was expected to halve to around 76% this year from a blistering 157% in 2021, amid fewer online purchases and engagements as more countries emerge from the pandemic.

Singapore's Sea's e-commerce arm Shopee shuts shop in India (Quartz India)

At 12 am India time today (March 29), Shopee's Indian platform ceased operations abruptly. In a notification on its site and social media pages, ...

It probably didn’t help that Sea was quickly getting into the government’s bad books. Together, the four giants will capture 80% of India’s e-commerce market, according to Forrester advisory. As if taking on seasoned giants Amazon and Flipkart was not challenging enough, traditional players like Mukesh Ambani’s Reliance Industries and the 154-year old Tata Group, too, have joined the race.

Singapore-based e-commerce platform Shopee shuts India operations (Business Standard)

Read more about Singapore-based e-commerce platform Shopee shuts India operations on Business-standard. The official reason given by Singapore-based ...

More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. It triggered a swift response from Singapore’s ministry of trade and industry, which said this week that it hoped the ban would be resolved “expeditiously”. It now has less than a 10 per cent voting share, according to the AGM meeting notice of Sea. Sea Group had made several attempts to reiterate that it is a Singaporean company.