Social commerce platform, Poshmark, is further expanding its international presence by taking aim at the Indian market and its 622 million internet users.
After a public offering in January, the company took its first steps outside of North America a month later by expanding to Australia.
“Having roots deeply embedded in India, I am delighted to be bringing Poshmark to my home country,” said Manish Chandra, founder and CEO of Poshmark.
“India is an ideal fit for our unique social commerce model, both from a cultural and business perspective ... [and at] the same time, the market opportunity is massive and growing,” he added.
The development of e-commerce in India has been a bright spot for retailers battered by the country’s devastating battle with Covid-19. Though the online fashion retail sector in India is becoming more crowded and competitive, with major players including Reliance’s Ajio and Walmart-owned Flipkart’s Myntra, it remains an overtly value driven sector.
This being said, the concept of social commerce is also quickly catching on.
Just last month, Indian social commerce platform, Trell, raised $45 million in a series B round of funding led by H&M Group, among others, while Indian group buying social commerce platform, DealShare, raised $144 million in a new financing round and Flipkart rolled out Shopsy, a platform on which individuals and small businesses can share products from Flipkart sellers across their social media apps, place orders for other shoppers and earn a commission on transactions.
Partnering with the e-commerce giant is an increasingly popular way to tap the India opportunity but it comes with downsides like deep discounting.