The new investment raises Alibaba’s total funding in the ecommerce platform to USD 2 billion, upping its stake to 90% from 51% in 2016. The company has bought all the Lazada shares from other investors, with the exception of Temasek Holdings.
By acquiring a majority of Lazada’s shares, Chinese ecommerce platform Alibaba strengthens its presence in markets like Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
Lazada has an active user base of around 23 million and the company has invested itself in the region by acquiring online grocer RedMar. Furthermore, it has partnered with LiveUp to create a rewards and promotions platform for brands like Netflix, Uber, UberEATS, RedMart and Taobao Collection.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now