Caixin
Mar 29, 2022 06:52 PM
BUSINESS

Tencent-backed Sea to Shut India E-Commerce Unit Amid Political Headwinds

Sea's signage is displayed in front of the New York Stock Exchange during the company's IPO in New York. Photo: Bloomberg
Sea's signage is displayed in front of the New York Stock Exchange during the company's IPO in New York. Photo: Bloomberg

(Bloomberg) — Sea Ltd. is shutting its main e-commerce operation in India just months after its October launch, blaming “market uncertainties” for scuppering one of its more promising overseas endeavors.

Sea, part-owned by Tencent Holdings Ltd., is pulling out of the world’s fastest-growing online and mobile market as hostility grows toward Chinese companies. Shopee’s closure comes weeks after New Delhi banned Sea’s most popular mobile gaming title Free Fire, citing security concerns because of its Chinese links.

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