In view of global market uncertainties, we have decided to close our early-stage Shopee India initiative, the company said in a statement to ET.
The etailer which competes with the likes of Meesho, Flipkart and Amazon, especially at the lower-end of the market, will shutter its India operations later tonight, according to sources aware of the matter.
“Employee access was down since morning today (Monday) and operations might shut down from tonight..” said a person in the know.
The development is surprising considering Shopee had aggressive plans for India and was offering heavy discounting on its marketplace to take on existing biggies. Earlier this year, Shopee, housed under Sea, pulled out from France as well after its recent foray in Europe.
This is a developing story…
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