You may not have heard of Lazada, but the so-called “Amazon of Asia” is raising quite a bit of money for itself.
The latest bit of funding comes from Germany’s Summit Parters, which has gifted Lazada with a fresh $26 million. With the cash, Lazada says it plans to continue its growth and increase its product portfolio, which is focused on items like household goods, consumer electronics, and toys.
Lazada has been particularly active in countries like Indonesia, Malaysia, the Philippines, Thailand, and Vietnam. And while it’s been successful so far, it’s also been criticized for too closely living up to its “Amazon for Asia” moniker.
The last few months have been particuarly lucrative for Lazada, which pulled in $40 million in mid-November. In September, JP Morgan invested an unspecified double-digit sum in the company.
Lazada is owned by Rocket Internet, a Germany company whose other e-commerce companies include Zalora, Foodpanda, Pricepanda and OfficeFab.