Alibaba added new fresh funds of $2 billion in Lazada

Alibaba added fresh funds of US$2 billion in Lazada. Technology giant headquartered in Hangzhou on Monday announced it will provide additional investment to Southeast Asian e-commerce giant by Rp27 trillion, increasing its total investment in the company at around Rp54 trillion (US$4 billion).

Alibaba added investment to Lazada for a total of up to US$4 billion. The latest addition of US$2 billion in an effort to accelerate the integration of Alibaba platform into the Lazada platform and accelerate the growth of Lazada's market share in Southeast Asia.

Tinuku Alibaba added new fresh funds of $2 billion in Lazada

Lazada CEO Max Bittner will step down from his position after Lazada receives additional investment. Bittner will fill a position as senior advisor to Alibaba, assist the transition process, and support Alibaba in its expansion strategy into the global marketplace.

Lucy Peng will be the CEO in the agreement. Peng is one of the eighteen founders of Alibaba. Other important Lazada figures are Chun Li who now occupies the position of Co-President of Technology, and Raymond Yang who became Chief Product Officer.

In 2016 Alibaba officially acquired Lazada after investing US$1 billion. They added US$1 billion in 2017 to raise the stake to 83 percent. A spokesman for Alibaba told the latest investment also raised its share ownership.

Comments