The two prominent firms reveals a new partnership all over the key markets in Southeast Asia. The union of Citi gives region-wide promotions to its credit cardholders who are Lazada customers as well.
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Alibaba is about to acquire Singaporean start-up Lazada for about $1 billion that was established by the German technology Rocket Internet. Existing shareholders including Tesco, AB Kinnevik and Rocket Internet will sell a portion of their shares to Alibaba.
Lazada, the "Amazon of Asia" has raised USD250 million from Rocket Internet to mainstream the company's position as the largest online retailer in Southeast Asia.
Lazada raises US$100 million in investments for its expansion.