Poshmark, a Temasek-funded fashion marketplace, has shut down its e-commerce platforms in India, Australia, and the UK.
The US-based company has stated that it wants to focus on its North American operations and encourage significant growth in its two key markets, the US and Canada.
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Poshmark has made the decision to shut down its marketplaces in India, Australia, and the United Kingdom so that it can concentrate on growing its business in North America and achieving meaningful expansion in its two primary markets, the United States and Canada. This will allow Poshmark to drive meaningful growth in its core markets.
The business made announcements about its launches in Australia in February 2021, India in September 2021, and the UK in the same year. Poshmark, founded in 2011, is an online store for new and pre-owned clothes for men, women, kids, pets, homes, and more.
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The $87.5 million Series D funding round for Poshmark was led by Singapore state investor Temasek Holdings in 2017.
About Poshmark
Poshmark is a top social marketplace for new and used clothing for men, women, children, pets, homes, and other groups of people. More than 80 million people in the US, Canada, Australia, and India are a part of their community, which is influencing how shopping will be done in the future.
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