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Reuters

Sea e-commerce unit Shopee to shut India operations

SINGAPORE (Reuters) -E-commerce and gaming firm Sea Ltd said on Monday it is withdrawing from India’s retail market just months after starting operations there, the second pullback this month in an overseas expansion drive, as the loss-making firm faces a weak growth outlook. The withdrawal, effective beginning March 29, comes weeks after its e-commerce arm Shopee said it was pulling out of France and after India banned Sea’s popular gaming app “Free Fire”. After the ban, the market value of New York-listed Sea dropped by $16 billion in a single day, leading some investors to cut holdings in the Singapore-headquartered company.