October 1, 2022

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REFILE-Sea group’s Shopee scales up Brazil functions, eyes Latam prospective- sources

(Corrects spelling of SEA to Sea in very first paragraph)

SINGAPORE, Jan 25 (Reuters) – Shopee, the e-commerce arm of Southeast Asia’s Sea Ltd, is scaling up its operations in Brazil and assessing the lengthy-term possible of Latin American markets, in accordance to two folks with awareness of the subject.

Shopee, the premier e-commerce platform in Southeast Asia according to marketplace scientists, introduced a modest presence in Brazil in late 2019 as a pilot initiative of its cross-border team.

The firm is now expanding its existence and transferring executives from Southeast Asia to Brazil, claimed the resources who were briefed on the matter but declined to be discovered as they were being not authorised to talk to media.

The business declined a Reuters ask for for remark.

The Singapore-headquartered technology group’s shares surged far more than 400% in 2020, taking its marketplace capitalisation to $120 billion. It elevated shut to $3 billion in a inventory offering past thirty day period.

On Linkedin, Shopee is now recruiting for in excess of three dozen positions in Brazil. Pine Kyaw, formerly region managing director for Shopee’s large-growth Vietnam device, is mentioned on the task platform as obtaining develop into Shopee Brazil nation head. Kyaw could not be achieved for comment.

Sea Main Company Business office Yanjun Wang told an investor simply call in November that Shopee Brazil, whilst cross-border pushed, was now remaining utilized by area sellers.

In accordance to analytics agency Application Annie, Shopee Brazil’s app experienced a lot more monthly lively people in December than Amazon’s device in the state, though it remained noticeably behind big regional gamers, these as Argentinian e-commerce marketplace chief Mercado Libre.

The sources mentioned Shopee is assessing the opportunity of other Latin American marketplaces if Brazil proves profitable, but has so considerably produced no definite expansion plans. One particular supply famous that Mexico was of certain fascination. Industry exploration organization eMarketer estimates e-commerce profits will rise 36.7% this yr in Latin America to US$84.9 billion.

Reporting by Fanny Potkin enhancing by Richard Pullin