HSBC-backed B2B digital platform Serai have announced it would be winding down its operations as the company failed to make any money.
Seria was founded in 2019 as a non-banking extension of HSBC’s global physical network and hence is a fully owned subsidiary of HSBC. Last year it reported it had had over 10,000 companies on its B2B platform from over 100 countries including India, Bangladesh, the US, UK, and Australia. Serai’s digital B2B platform allowed verified apparel buyers, brands, suppliers, and manufacturers to easily search for and connect with each other. Its main focus was on the apparel, textile, and fabrics industries.
