Shopee, the e-commerce arm of Singapore-headquartered Sea Ltd, said it is shutting down its operations in India “in view of global market uncertainties”, Reuters reported on Monday.

The New York-listed tech firm launched in India in October 2021, part of an international push that saw it expand into Europe. Sea has been embarking on an aggressive international expansion last year in a bid to drive growth beyond Southeast Asia.

Shopee reportedly said in its statement it would work “to support local seller and buyer communities and our local team to make the process as smooth as possible”.

Shopee’s exit also comes weeks after Shopee announced it was pulling out of France in Europe and after India banned Sea’s gaming app “Free Fire”, according to the report. France was one of the most significant new markets for the online retail and entertainment firm backed by China’s Tencent.

Sea’s shares have been on a downward trend since November last year. Its share price has declined more than 67 percent since then.

Sea Ltd’s Shopee exits France months after entering Europe – report