Alibaba Group Holdings plans another $2-bn investment in Lazada Group SA

Alibaba Group Holdings plans another $2-bn investment in Lazada Group SA

Alibaba Group will invest a further US$2 billion into Singapore-based e-commerce company Lazada as part of its effort to accelerate the region's e-commerce development.

It held an 83 percent stake prior to the investment, which now doubles to Dollars 4 billion from a USD 2 billion infusion over the past two years.

One of the 18 founders of Alibaba, veteran executive Lucy Peng will take over as Lazada's chief executive, replacing founder Max Bittner who will become a senior adviser to Alibaba. Bittner will remain involved as "senior advisor to Alibaba Group" and apparently involved in future strategy, including further global expansion opportunities.

"With a young population, high mobile penetration and just three percent of the region's retail sales now conducted online, we feel very confident to double down on Southeast Asia", said Peng, who is also the executive chair at Ant Financial. The latter began offering products from Alibaba's Taobao marketplace across Southeast Asia a year ago, and Alibaba has replaced Lazada's tech team leadership with executives of its own. That doubles the original $2 billion the tech giant has already invested in the business in recent years - which saw Alibaba have an existing 83% holding of the etailer.

Speaking of the decision to increase their stake in Lazada, she had this to say: "With a young population, high mobile penetration and just three percent of the region's retail sales now conducted online, we feel very confident to double down on Southeast Asia". Peng is now the chairwoman of the Southeast Asia firm.

India Tired of BJP: Rahul Gandhi
Rahul did not shy away from extending his comparative analysis of the BJP and the Congress to the sensitive issue of religion. The Congress chief had earlier alleged that Jaitley's lawyer daughter was engaged by Nirav Modi for legal work.

Internet economy in the region is projected to grow to $200 billion by 2025, primarily driven by growth in e-commerce.

"Alibaba's new commitment of capital and resources is good for Lazada and good for the Southeast Asia e-commerce market", said Bittner.

Amazon entered the market for the first time past year, with the launch of its express, same-day delivery service, Prime Now in Singapore.

Alibaba are raising the stakes to overtake Amazon in South East Asia.

Related Articles

  • Kejriwal apologises to Kapil Sibal

    Kejriwal apologises to Kapil Sibal

    Earlier last week, Kejriwal had apologised to Majithia for making statements against him regarding narcotics being circulated in the state.
    Sushant Singh's leading actress for 'The Fault In Our Stars' remake

    Sushant Singh's leading actress for 'The Fault In Our Stars' remake

    Casting director Mukesh Chhabra, who will be making his directorial debut with the film, confirmed the news to Mumbai Mirror. Confirming Sanjana Sanghi , Mukesh Chhabra, Director, said "I met Sanjana first during the casting of Rockstar ".
    Martin Truex Jr. dominates Stage 2 at Fontana

    Martin Truex Jr. dominates Stage 2 at Fontana

    Larson would rally back from multiple bad breaks during this race, including contact and a near-crash with Kevin Harvick . STAGE 1: Truex, master of stage wins last season , scored his first of the new year, leading Kyle Busch by 3.5 seconds.
  • Sweet revenge! FSU stuns No. 1 Xavier, heading to Sweet 16

    Sweet revenge! FSU stuns No. 1 Xavier, heading to Sweet 16

    Last year, the Musketeers rode the momentum from their shocking win over Florida State to an Elite Eight berth. Kanter and Macura combined for 32 points, which seemingly proved to not be enough for the Musketeers .
    Fourth Snow Storm Expected to Miss Hudson Valley

    Fourth Snow Storm Expected to Miss Hudson Valley

    The next storm system is already on our doorstep, with light precipitation expected to begin across the region on Tuesday . Before that, a storm dropped heavy, wet snow in areas west of Interstate 95 and left one person dead in NY state.
    British teacher wins global £700k prize

    British teacher wins global £700k prize

    She has learned greetings in numerous pupils' 35 languages including Gujarati and Tamil to welcome parents. But she said school could make a great positive difference - particular through creative subjects.
  • Tinder Sues Bumble for Allegedly Copying App Features

    Tinder Sues Bumble for Allegedly Copying App Features

    Tech companies file patent infringement lawsuits all the time - BlackBerry just sued Facebook for patent infringement last week. According to TechCrunch , most recently, Match put forth an offer to purchase Bumble in last summer for 450 million dollars.
    Nevada coach rips off shirt after upset comeback over Cincinnati — March Madness

    Nevada coach rips off shirt after upset comeback over Cincinnati — March Madness

    Vincent Edwards scored 20 points despite early foul trouble for Purdue, and Matt Haarms filled in capably for the injured Haas. Cane Broome briefly lost control of the ball and then passed to the area of Gary Clark as the final seconds ticked away.
    No-confidence motion not taken up in Lok Sabha, House adjourned

    No-confidence motion not taken up in Lok Sabha, House adjourned

    She said the motion can not be brought to the House if it is not in order and adjourned the House till Monday. He said letters would go out to BJP leaders about the party's decision to exit the alliance.
  • Fodder scam - Dumka Treasury: Lalu Yadav again found guilty, Jagannath…

    Fodder scam - Dumka Treasury: Lalu Yadav again found guilty, Jagannath…

    The case is related to alleged withdrawal of Rs 3.13 crore from the Dumka treasury when Prasad was the chief minister of Bihar. Judge Shivpal Singh pronounced the judgment in which a total of 19 accused were convicted, while 12 were acquitted.
    Kim has 'given his word' on nukes, South Korean diplomat says

    Kim has 'given his word' on nukes, South Korean diplomat says

    Erik Wirkensjö, the press secretary of Foreign Minister Margot Wallström, declined to provide details to news agency TT. Choe was in the delegation North Korea sent to last month's Winter Olympics in South Korea.
    Del Potro topples Raonic to set up showdown with Federer

    Del Potro topples Raonic to set up showdown with Federer

    He advanced to the final in Melbourne when Chung retired in the second set trailing 6-1, 5-2 because of blisters on his left foot. Like I said, I'm happy for Juan Martin. "I hung tough and put a lot of effort into it to get the record, if you like".