Lazada has raised a whopping €200 million (about $250 million USD) to secure its position as a dominant force in e-commerce in Southeast Asia, the company announced today.
Lazada was founded by German incubator firm Rocket Internet and claims to be Southeast Asia’s “largest online shopping mall,” which means it’s very similar to online retailer Amazon in a market that’s growing like crazy. It’s known for selling electronics, apparel, cosmetics, books, and more to customers in Thailand, Indonesia, Vietnam, and other countries in the area. And like Amazon, it also offers free shipping on many items, free returns (within 14 days), and more.
The new funding was led by Singapore investment company Temasek, with participation from Rocket Internet. The move lowers Rocket Internet’s stake in Lazada to 23.8 percent from 26.7 percent, as Reuters points out.
This isn’t the first big funding round that Lazada has raised, either. Last year the company picked up a $250 million investment led by Tesco, as VentureBeat previously reported.