Ecommerce News

Singapore’s Sea cuts more jobs at ecommerce unit Shopee, Retail News, ET Retail

Singapore-based e-commerce and gaming firm Sea Ltd is cutting fewer than 500 jobs at its Indonesian unit Shopee, as part of a broader wave of cuts to control ballooning losses.

The latest layoffs affect full-time and contract workers in Shopee’s customer service team, the report said, citing sources familiar with the matter.

Sea did not immediately respond to Reuters’ request for a comment.

In September, Sea cut 3% of employees at the Indonesian unit.

The firm also laid off more than 7,000 people, or about 10% of its workforce last year, according to an Information report.

India exit for Shopee

In March last year, Shopee decided to shut its operations in India just about six months after entering the country.

Shopee announced the development to its local team in a companywide town hall on Monday, saying it will cease to operate in India immediately, three people in the know told ET.

The etailer which competes with the likes of Meesho, Flipkart and Amazon India, especially at the lower-end of the market, will shutter its business effective March 29, they said.

Confirming the development to ET, a Shopee spokesperson said, “In view of global market uncertainties, we have decided to close our early stage Shopee India initiative.”

Tech layoffs

After the pandemic boom of a few years, technology companies ended 2022 with a bleak outlook. Across the sector thousands of jobs were cut to correct the over-hiring of the Covid period, and brace for, what experts call, a period of slower growth for the sector.

The layoff wave has swept not only startups and mid-sized firms, but also big tech companies such as Amazon, Microsoft, and Google parent Alphabet, among others.

Twilio, LinkedIn, Zoom, Dell, Pinterest and Tinder owner Match are among companies that have joined the layoff bandwagon more recently in a bid to rein in the costs amid a looming global economic downturn.

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