Alibaba spending $1 bn to raise stake in Southeast Asia`s Lazada

Singapore: Chinese e-commerce giant Alibaba Group Holding Ltd will invest an additional $1 billion in Southeast Asian online retailer Lazada Group, boosting its stake by nearly a third to 83 percent, the two companies said in a joint statement.

The move doubles Alibaba`s investment in the firm after last year`s deal to buy a controlling stake in Lazada for about $1 billion.

Lazada, founded in 2012, is headquartered in Singapore and also operates in Malaysia, Indonesia, the Philippines, Thailand and Vietnam.

In the twelve months ended March 31, 2017, Lazada had about 23 million annual active buyers, according to Alibaba`s annual report.