In addition to the funding, Alibaba said Lucy Peng, senior partner in Alibaba Partnership, . In August, Alibaba also invested $1.1 billion in Tokopedia, Indonesia's largest online marketplace. Also, Lazada chairwoman Lucy Peng will now also take on the role of CEO.
Last year, Alibaba increased its stake in the Singapore -based firm from 51 percent to 83 percent with an additional billion-dollar investment.
"The investment highlights Alibaba's confidence in Lazada's future business success and Southeast Asian growth prospects, a region that is a key part of Alibaba's global growth strategy", said the Chinese technology giant in official statement.
Launched in 2012, Lazada boasts more than 145,000 local and global sellers and 3,000 brands throughout Indonesia, Malaysia, Thailand, Vietnam and the Philippines. "With a young population, high mobile penetration and just 3 per cent of the region's retail sales now conducted online, we feel very confident to double down on South-east Asia".
Sheldon Richardson addition is making the Vikings everyone's Super Bowl favorite
However, the Broncos steered clear of the former Washington Redskins quarterback and secured the signing of Case Keenum instead. Meanwhile, the Cardinals have also added Mike Glennon as a back-up, as reported by Fox Sports' Peter Schrager.
Engineer warned of cracking in US bridge before collapse
His office earlier issued a statement saying that a company contracted to inspect the bridge was not pre-qualified by the state. The reason behind Thursday's collapse remains a mystery, and the company has said it will conduct a full investigation.
PH transmits to United Nations notice of withdrawal from Int'l Criminal Court
The ICC is now conducting a preliminary examination into the Duterte administration's bloody war on drugs. According to ICC rules, a withdrawal is effective one year after receipt of notification.
Speaking after the announcement, Lucy said, "With a young population, high mobile penetration and just 3 percent of the region's retail sales now conducted online, we feel very confident to double down on Southeast Asia.Lazada is well-positioned for the next phase of development and of Internet-enabled commerce in this region".
The China-based conglomerate now operates in more than 200 countries, recently putting down $20 million in Rent the Runway and beginning operations in its first Indonesia-based data center through its cloud computing arm, Alibaba Cloud.
The investment will enable Lazada to tap into Alibaba's resources to further serve consumers and empower merchants in Southeast Asia through innovative ways, the press statement read.