Sea Limited to Close Shopee India Operations

  • Stock Market News
Sea Limited to Close Shopee India Operations

By Sam Boughedda -- Sea Ltd (NYSE: SE ) said Monday it is closing its main e-commerce business, Shopee, in India. 

The closing down of the operation comes just months after its launch in October, with the company putting it down to "market uncertainties" rather than political factors.

The move follows last month's decision by India to ban Sea's Free Fire game due to hostility towards Chinese-owned firms which has seen it ban hundreds of Chinese apps in the last couple of years.

Sea is based in Singapore, but its founders are Chinese-born. It is also part-owned by the Chinese social media powerhouse Tencent Holdings (OTC: TCEHY ), which is its biggest shareholder.

Shopee said it will stop all operations in India on Tuesday. The company intends to process orders placed before March 29, while also providing after-sales support services.

Sea Limited shares fell 2.8% Monday, adding to its almost 50% year-to-date loss.

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