Poshmark is now available in the Indian market. Poshmark
Social commerce platform, Poshmark, is now available in India, entering a crowded e-commerce market vying for the country’s 622 million internet users.
“I am thrilled to launch Poshmark in India, one of the fastest-growing e-commerce markets in the world and a country with a vibrant culture of thrifting and appreciation for sustainability,” said Poshmark founder and chief executive, Manish Chandra.
Though the online fashion retail sector in India is becoming increasingly 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.
This year alone, 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.
This step into India is part of Poshmark’s broader international expansion plans. After its January IPO, the company took its first steps outside of North America a month later by expanding to Australia.
Partnering with the e-commerce giant is an increasingly popular way to tap the India opportunity but it comes with downsides like deep discounting.