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