'Amazon of Asia' Lazada bags $250M to cement e-commerce in Southeast Asia

December 9
7:51 PM 2013

"Super-incubator" Rocket Internet announced today that they have poured in a massive USD250 million in funding into Southeast Asian e-commerce firm Lazada. The new funding brings the online retailer's total capital raised to USD436 million, according to VentureBeat.

Lazada, the "Amazon of Asia," intends to use the raised fund to cement its position as the dominant online shopping website in Southeast Asia. The company already claims to be the biggest online shopping mall in the region, the report said.

The Amazon clone sells clothes, electronics, books, appliances, cosmetics, and other items to Indonesia, Philippines, Malaysia, Vietnam, and Thailand. The retailer does not charge shipping fees, and offers free returns within two weeks, and flexible payment plans, the report detailed.

This funding round was led by UK grocery chain Tesco. The partnership between Lazada and Tesco will encompass supply chain management, customer analytics, and private label development. Access Industries, Verlinvest, and Investment AB Kinnevik also contributed to the said round, VentureBeat reported.

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