Poshmark is leaving India to focus on North America business

Online shopping platform Poshmark informed its customers that it will close its India operations on October 26 to focus on its North America business and drive growth in its core markets.

The US-based e-commerce company, which specializes in selling second-hand products, started operations in India in September 2021, as part of a broader international expansion into markets such as Australia.

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Poshmark allows users to sell used or unused clothing and takes a commission on each sale.

The company mentioned in its FAQ that it is leaving India to focus more on business in North America.

“In order to focus on Poshmark’s North American business and drive significant growth in its core markets of the United States and Canada, the company has made the difficult decision to close the Poshmark marketplace in Australia, India and the United Kingdom,” it said Website.

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The website further states that from November 1, 2023, buyers and sellers from India, Australia and the United Kingdom will no longer be able to access the marketplace via the app or the web. The website states that Poshmark will continue to process return requests for orders placed before October 26, 2023.

However, the startup has been witnessing a decline in its user base for some time.

The development comes nearly a year after Naver, a South Korean giant, acquired Poshmark at a discounted valuation of $1.2 billion. Poshmark was once valued at $7.3 billion.

“I know this is particularly difficult news for those of you around the world who have come to know and love Poshmark – know that I am incredibly grateful to you and the community we have built together . We hope to be back at some point in the future,” Poshmark co-founder and CEO Manish Chandra wrote in a blog post.

Poshmark is the second major company to close its operations in India. In March 2022, Singaporean e-commerce company Shopee ceased operations in India, just six months after entering the country.

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Sybil Alvarez

"Incurable gamer. Infuriatingly humble coffee specialist. Professional music advocate."

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