Poshmark forays into Indian market
The Nasdaq-listed company offers a marketplace for new and secondhand products for women, men, kids, pets, and home among others. It has a community of more than 80 million registered users across the US, Canada, and Australia.
''India is our first market in Asia and we are excited for multiple reasons...India is culturally vibrant and I really believe that what Poshmark brings in terms of a social shopping experience and as a marketplace, it's the perfect match...the experience is extremely transparent,'' Poshmark India General Manager Anuradha Balasubramanian told PTI.
She added that sellers can list products priced at Rs 500 and above, and the platform charges a commission to the seller on the sale transaction.
While she did not disclose targets set for onboarding of sellers and transactions to be facilitated, Balasubramanian said the focus is on community building and getting the right type of sellers onboard.
''We're here for the long haul. We've been in India, we have an office, which is based out of India for about 10 years now (in Chennai), which takes care of other markets with services, it's an R&D centre,'' she added.
Manish Chandra, founder, and Chief Executive Officer of Poshmark said India is one of the fastest-growing e-commerce markets in the world. ''We go through different phases as we are entering a geo, the first phase for us right now is very much building out our community, create that foundation...so we expect as we go forward, it starts to really scale and add, over time, meaningful contribution both to growth and then after that to the profitability of the business.'' So, the focus right now is on ''investing, getting the community built and getting that core seller and shopper community that will help drive growth for years to come''.
Chandra noted that the company has built effective processes to protect the buyer as well as the seller and create a very smooth distributed functioning marketplace.
''We have 80 million users worldwide, we did a volume of transactions of USD 1.8 billion run rate at the end of Q2 in the business and we are operating in three geographies US, Canada and Australia with India being our fourth geo, and we are excited to launch it today,'' he added.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)