Shopee
Singapore's e-commerce firm Shopee decides to exit India
New Delhi: Blaming it on global market uncertainties, Singapore's e-commerce firm Shopee on Monday said it has decided to shut down its India operations.
"In view of global market uncertainties, we have decided to close our early-stage Shopee India initiative," the company told UNI in response to a query on the development.
Launched in 2015, Shopee claims to be the leading e-commerce platform in Southeast Asia and Taiwan.
As it launched its operations in India about five months back, Shopee was being seen as a major challenger to established players like Amazon, Flipkart and Meesho.
The game has, however, ended abruptly. Delhi-based traders' lobby Confederation of All India Traders (CAIT) said that Shopee's exit from India is a welcome move.
"There are a number of other foreign funded companies who are habitually playing with Indian laws and involved in mal-practices. Either they should mend their ways else must pack their bags to exit from India," said CAIT Secretary General Praveen Khandelwal while commenting upon Shopee exit.
CAIT has locked horns with e-commerce players like Amazon and claimed that many of them are violating FDI (Foreign Direct Investment) rules of the country.
(With UNI inputs)
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