Poshmark, Inc. Announces India Expansion as Part of a Continued Focus on New Market Opportunities
Leading social marketplace plans to tap into the booming ecommerce opportunity in India by the end of the third quarter; expands its leadership to support global expansion
REDWOOD CITY, Calif., Aug. 2, 2021 /PRNewswire/ -- Poshmark, Inc. (Nasdaq: POSH), a leading social marketplace for new and secondhand style for women, men, kids, pets, home and more, today announced plans to bring its simple, social, and sustainable shopping experience to India, the second most populous country and one of the fastest-growing ecommerce markets in the world. By the end of this quarter, consumers in India will be able to join Poshmark's thriving community of millions of users in the U.S., Canada and Australia to make money, save money, find human connection, and fuel entrepreneurship.
The Indian market has over 622 million active internet users1 and a rapidly growing base of sustainability- and value-conscious consumers, particularly Gen Z and Millennials. The introduction of Poshmark — an organized, safe, and technologically advanced marketplace — will present an attractive offering to this diverse community of shoppers and sellers.
"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 — India thrives in togetherness, and the country's dynamic, youthful and inherently social culture aligns with the core value proposition of our company and community. At the same time, the market opportunity is massive and growing, as people increasingly turn to ecommerce while seeking a more socially connected and sustainable experience. We look forward to empowering Indians of all ages and backgrounds to join us in an entirely new way to shop."
Today the company also announced the appointment of two new leaders to support its global expansion: Ms. Sylvie De Wever, who joins as Poshmark's first Vice President and General Manager of International, and Ms. Anuradha Balasubramanian, General Manager of Poshmark India. Both are accomplished leaders who bring extensive experience in strategic international expansion and business operations.
With more than 20 years of experience leading and scaling global businesses and operations around the world, De Wever brings deep expertise in ecommerce, international strategy and expansion to Poshmark. Prior to joining Poshmark, she was the Chief Operating Officer of Berlin-based learning app Blinkist, led eBay expansion in emerging markets, and was the General Manager of eBay Latin America. Similarly, Balasubramanian has nearly 18 years of leadership experience across the consumer, ecommerce and ed-tech sectors, where she has helped build diverse, innovative programs to drive growth. In 2012, she co-founded and launched a natural line of skin and hair care products in India and brings a vast understanding of India's growing consumer market to Poshmark.
"We are thrilled to welcome Sylvie and Anuradha to our team and have them spearhead our move into India," said Chandra. "This expansion is so important to me personally, and I could not be more pleased and honored to have these two on board. They will play a critical role in scaling Poshmark's social shopping community and redefining the future of shopping around the world."
International expansion remains one of Poshmark's primary growth strategies, and the company will continue to invest in the adoption and localization of its unique marketplace to serve additional markets in the future. Most recently, Poshmark launched in Australia in February 2021, extending its community and model beyond North America. In May 2019, the company launched in Canada, where its community has grown to over 2.5 million Canadians who have listed half a billion dollars worth of inventory.
For more information, please visit www.poshmark.in and Poshmark India's Instagram.
About Poshmark, Inc.
Poshmark is a leading social marketplace for new and secondhand style for women, men, kids, pets, home and more. By combining the human connection of physical shopping with the scale, ease, and selection benefits of ecommerce, Poshmark makes buying and selling simple, social, and sustainable. Its community of more than 80 million registered users across the U.S., Canada, Australia, and soon India, is driving the future of commerce while promoting more sustainable consumption. For more information, please visit www.poshmark.com, and for company news and announcements, please visit investors.poshmark.com. You can also find Poshmark on Instagram, Facebook, Twitter, TikTok, Pinterest, YouTube, and Snapchat.
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