OneMarket, the retail technology start-up spun off from Westfield, is to be wound up and its assets distributed to shareholders after it racked up losses of $242 million in two years.

OneMarket, which was previously known as Westfield Labs and whose chairman was the former Westfield director Steven Lowy, had been under pressure from activist shareholders to put itself up for sale or sell assets after burning through $65 million in cash in just over a year.