Singapore-based e-commerce platform Shopee — that launched in India only in December 2021 — has decided to close operations in the country.
The official reason given by Shopee, which is controlled by NYSE-listed Sea Ltd, is changing global sentiments.
In a statement, it said, “In view of the global market uncertainties, we have decided to close risks of our early-stage Shopee India initiative.”
The e-commerce platform has been hit by growing opposition against it from trade associations led by Praveen Khandelwal as well as homegrown social commerce start-ups.
They alleged that it represented a back-door entry of Chinese company Tencent in clear violation of