Social Shopping Platform Poshmark To Shut India Shop

US-based social shopping platform Poshmark is exiting India. Users in India will not be able to access accounts from November 2, 2023, almost two years after it expanded its operations in India. 

Besides India, Poshmark is also exiting from the UK and Australia. 

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

“In order to focus on Poshmark’s North America business and drive meaningful 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 UK,” the website read. 

The website further read that beginning November 1, 2023, buyers and sellers for India, Australia, and the UK will no longer have access to the marketplace via the app or web. The website stated that Poshmark will continue processing return requests for orders made prior to October 26, 2023.

Poshmark allows users to buy and sell fashion, home decor, and beauty products. However, the startup has been witnessing its user base dwindle for sometime now. As per Sensor Tower’s data, Poshmark’s international presence has been depleting with fewer than 50,000 users across India, UK, and Australia. 

The development comes almost a year after Naver, a South Korean giant acquired Poshmark at a marked down valuation of $1.2 Bn. Poshmark was once valued at $7.3 Bn. 

“I know this is especially hard news for those of you across the globe who have come to know and love Poshmark—please know that I’m incredibly grateful for you and for the community that we’ve built together. We hope to be back at some point in the future,” wrote Manish Chandra, cofounder and chief executive of Poshmark, in a blog post.

Poshmark has become the second major company to shut shop in India. Last year, Singapore’s ecommerce giant Shopee shut down its operations in March of 2022, five months after it launched its operations. Shoppe’s decision to wind-down operations came a month after India banned Free Fire, a game operated by Shopee’s parent Sea Ltd.