Poshmark, the American social shopping platform, is discontinuing its services in India. Starting from November 2, 2023, Indian users will no longer be able to access their accounts, marking the end of its almost two-year presence in the country.
In addition to India, Poshmark is also discontinuing its operations in the United Kingdom and Australia.
The company explained in its FAQ that it is withdrawing from India to redirect its focus towards its North American operations.
“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 also conveyed that, starting from November 1, 2023, both buyers and sellers from India, Australia, and the UK will no longer be able to access the marketplace through the app or website. Poshmark, as stated on the website, will continue to handle return requests for orders placed before October 26, 2023.
Poshmark enables its users to engage in transactions involving fashion, home decor, and beauty products. Nevertheless, the startup has experienced a gradual decline in its user numbers. According to data from Sensor Tower, Poshmark’s global presence has dwindled to less than 50,000 users in India, the UK, and Australia.
The development comes after nearly a year of Naver, a South Korean giant, acquiring Poshmark at a reduced valuation of $1.2 billion. Poshmark had once been valued at $7.3 billion.
“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, Co-Founder and chief executive of Poshmark, in a blog post.
Poshmark now joins the ranks of major companies exiting the Indian market. Just last year, Singapore’s e-commerce giant, Shopee, ceased its operations in March 2022, a mere five months after its launch. Shopee’s decision to wind down its operations coincided with India’s ban on Free Fire, a game operated by Shopee’s parent company, Sea Ltd.
