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In 2012, it launched its first product, Garena+, an online game and social platform for people to discover, download and play online games. In 2014, the World Startup Report valued Garena as a US$1 billion internet company and ranked it as the largest internet company in Singapore. In March 2015, the Ontario Teachers Pension Plan (OTPP), one of the largest pension funds in the world, invested in Garena, valuing the company at over US$2.5 billion. In May 2017, Garena was renamed to Sea Limited. However, Garena was retained as a brand name of Sea Limited (aka Sea Group). In October 2017, Sea Limited filed for an initial public offering on the New York Stock Exchange (NYSE) and aimed to raise US$1 billion. Before the IPO, Tencent was the major shareholder of Sea Limited, for around 20% of outstanding shares and is currently at 18.7%. It was followed by Blue Dolphins Venture, established by Forrest Li, for 15%. Li personally owned 20% shares, and Chief Technology Officer, Gang Ye, 10%. In January 2021, Garena acquired Vancouver-based Phoenix Labs, the developers of Dauntless. The acquisition did not affect the operations of Phoenix Labs or Dauntless, but helped Garena expand its international presence. Īs of the second quarter of 2021, Garena recorded 725 million active users, 45% more than the year prior, while the number of paid users grew 85% year-on-year, reaching 92 million. The outlook for Garena is expected to decline in 2022, after reports in March 2022 suggested that Garena will post US$2.9 to US$3.1 billion in bookings for the year, down from US$4.6 billion in 2021. The muted forecast would be Garena's first decline in business ever.

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The ban imposed on its Free Fire title in India across both Google Play and Apple app stores has been cited as a contributory factor. Garena+ is an online game and social platform that has an interface similar to instant messaging platforms. Garena+ allows gamers to develop buddy lists, chat with friends online and check on game progress and achievements. Gamers can create their own unique identity by customizing their avatar or changing their names. Gamers are also able to form groups or clans, and chat with multiple gamers simultaneously through public or private channels through Garena+. Garena+ users use a virtual currency, Shells. Other products include BeeTalk and TalkTalk.

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In May 2012, Garena launched the Garena Premier League (GPL), a six-month-long online professional gaming league with more than 100 matches to be played. The first season of GPL is a League of Legends competition which comprises six professional teams. The teams are: the Bangkok Titans, KL Hunters, Manila Eagles, Saigon Jokers, Taipei Assassins and Singapore Sentinels, which represent top players from respective countries. GPL matches are captured and broadcast online along with commentaries, which are available for viewers to watch on the GPL official website. In January 2013, Garena announced the second season of the Garena Premier League, which would start on 4 January 2013. Garena Premier League 2013 includes two new teams from Taiwan and Vietnam, bringing the total number of teams to eight. The teams are: AHQ, Saigon Fantastic Five (SF5), Bangkok Titans, KL Hunters, Manila Eagles, Saigon Jokers, Taipei Assassins and Singapore Sentinels. In November 2014, the Garena e-Sports Stadium, a dedicated venue for esports, opened in Neihu District, Taipei.