US-headquartered social shopping marketplace Poshmark plans to foray into the Indian market. The Nasdaq-listed company currently operates in Canada, Australia and its home market US where it competes with ThredUp and RealReal. It functions like eBay and allows users to click pictures of their own apparel and sell them to other users. Apart from giving and receiving comments and ‘likes’, users can also follow other sellers on the platform.
The platform reported 29 per cent increase in its gross merchandise value (GMV) in 2020, says Manish Chandra, Founder & CEO. From $1.1 billion in 2019 its GMV increased to 1.4 billion in 2020.
Poshmark is betting on India’s social commerce potential that is expected to touch $20 billion in just five years—and likely hit nearly $70 billion by 2030, as per a recent report by Bain & Company and Sequoia.
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