In an email communication, online social shopping platform Poshmark informed customers that it will be closing its India business on October 26.
The US-based e-commerce firm, which specialises in the sale of second-hand products, had launched its India operations in September 2021, as part of a wider international expansion into markets such as Australia. The firm is also reportedly closing operations in Australia and the UK.
Poshmark allows users to sell used or unused clothes, and charges a commission on every sale.
“And while our ambition remains to connect as many closets as possible, we’ve made the tough decision to close our Poshmark India marketplace. The Poshmark India market place will close October 26, 2023. This decision allows us to focus our energy and increase our investments in our core markets, the US and Canada,” the firm said in the email.
In October 2022, Poshmark was acquired by South Korean e-commerce firm Naver Corp in a $1.2 billion deal.
Indian customers can last use their credits on the platform on October 25, and the platform won’t allow new orders and listings from October 26, Poshmark said in the email. Sellers can redeem their earnings for the last time on November 1, with the marketplace becoming inaccessible from November 2.
In March 2022, Singaporean e-commerce firm Shopee shut its operations in India, just six months after entering the country. The move followed the Indian government’s decision to block the gaming app Free Fire, owned by Shopee’s parent firm Sea Ltd.
