After securing at least $100 million of investment from JP Morgan and Swedish retail giant Kinnevik, Lazada – the Amazon of South East Asian – has secured an additional €20 million ($26 million) from German holding company Summit Partners.
Lazada’ Regional CEO Maximilian Bittner said the additional investment from Summit will be used “to build out our offering and services to win the Southeast Asian market” then Scott Collins – Managing Director and head of the Summit Partners London office, further said “We seek to invest in companies that build long‐term value, and LAZADA has shown dynamic growth in a short period of time. We are thrilled to be part of the LAZADA story.”
Summit Partners also an investor in Zalora, a Lazada’s Partner and Rocket Internet’s online fashion commerce that operates in 5 Asian Markets namely Indonesia, Thailand, Malaysia, Philippines, Singapore, Taiwan, Vietnam and Hong Kong.
With more than $120 million in the bank, it looks like Rocket Internet’s Lazada wants to capture as much Asian market as possible before Amazon and other Western e-Commerce power decides to open up shop in Asia, that will surely spell trouble for Lazada.
You can read the full press release below.
LAZADA receives investment from Summit Partners and launches marketplace
LAZADA, Southeast Asia’s largest online department store, today announced that it has received an investment of €20 million in its German holding company from leading growth equity investor Summit Partners (“Summit”). LAZADA will use the funds to continue developing its growth initiatives and expanding its product offering.
“We are very proud to have an investor of Summit’s calibre joining our shareholder base. They have extensive experience in supporting fast‐growing companies which will be of huge benefit as we continue to build out our offering and services to win the Southeast Asian market,” commented Maximilian Bittner, Regional CEO. Scott Collins, a Managing Director and head of the Summit Partners London office, added “We seek to invest in companies that build long‐term value, and LAZADA has shown dynamic growth in a short period of time. We are thrilled to be part of the LAZADA story.”
LAZADA recently launched its new marketplace platform in Malaysia on November 21st. The company has entered the country’s promising fashion market by offering more than one‐ thousand clothing and shoe products through this platform. According to Mr. Bittner, the marketplace offers an attractive opportunity for offline retailers in the region to leverage LAZADA’s broad reach and extensive marketing expertise to drive additional sales while still controlling logistics and operations. LAZADA plans to roll‐out the marketplace platform in all its markets in the near future and continue to add partners to complete its product assortment and drive growth.
Last modified: December 5, 2012