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Southeast Asian e-commerce giant Shopee to enter Spain

October 14, 2021 8:42 am

Southeast Asian e-commerce giant Shopee plans to launch online sales in Spain via its website and local apps, Reuters reported.

Details:

The Shopee Spain account on Instagram carried a post on Friday that said Singapore-headquartered company would offer free shippinga and vouchers for new users in the European nation, according to Reuters.

A source at Sea Limited, the parent company of Shopee, confirmed to Reuters that the Instagram account was authentic without elaborating. 

As one of the largest economies in Europe, Spain stands 13th in the ranking of the world's largest e-commerce market. The revenue of the Spanish e-commerce market is expected to reach $21 billion by the end of the year and $28 billion by 2024.

Context:

The e-tailer is aggressively expanding its global footprints after gaining a solid presence in Southeast Asia. In February, Shopee entered Mexico online market with an app launch. In September, Reuters reported that Shopee was preparing to open its e-commerce website in Poland.

Also, Shopee is reportedly planning the launch in India and Argentina in the coming months and is set to roll out a TikTok-like short-video product in Southeast Asia.

To fuel its global expansion, Sea raised $6.3 billion in an equity and convertible bond sale in September. It's the company's second financing in less than a year after raising $2.6 billion last December.

Shopee is growing fast financially as well, according to its annual report. In the second quarter of 2021, the platform generated $15 billion in gross commercial value for its third-party sellers, an increase of nearly 90% over the previous year.