Singapore's Shopee ends operations in India
New Delhi : E-commerce and gaming firm Sea Ltd has announced an end of its operations in India, days after the nation banned its popular gaming app "Free Fire".
The company has banned its operations in India and France.
Shopee said in a statement its withdrawal came "in view of global market uncertainties" and that the company would make "the process as smooth as possible".
It must be noted that Shopee had entered the Indian market in October 2021. Sea's market cap at the time was as much as $200 billion. It has since dropped to $64.76 billion in March 2022.
A hit of $16 billion came in a single day when ban on free fire was announced, with some leading investors pulling out their money from the company.