Shopee to Shut Operation in India

BANKING AND ECONOMY

  • The e-commerce arm of Southeast Asia's Sea Ltd. ‘Shopee’ decided to shut down its operations in the Indian country after facing uncertainty losses.
  • Previously, the firm shut down its operation in France.
  • As the data, it is largest e-commerce platform in Southeast Asia in the year of 2021
  • India recently banned ‘Free Fire’ - the gaming application of the Sea’s.
  • Its value in the New York-listed companies dropped by $16 billion in a single day. This led some investors of the company to cut its holdings.

   Facts to know:

  • Shopee was established in 2015.
  • The e-commerce platform was first launched in Singapore (Headquarters also).
  • CEO of shopee: Mr. Chris Feng.
Shopee ecommerce platform
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