Alibaba pumps ~$845M into Southeast Asian unit Lazada as competition heats up - report
Robert Way
Alibaba (NYSE:BABA) has invested about $845M into its Southeast Asian online retail unit Lazada, according to a regulatory filing on Wednesday.
The move is potentially aimed at bolstering its presence in the region, which is facing tough competition from rivals Amazon.com (AMZN) and Sea Ltd., Bloomberg News reported.
The fresh infusion of money, which was disclosed in a regulatory filing in Singapore on Wednesday, brings the total investment to several billion dollars since the Chinese e-commerce giant took control over the business in 2016, the report added.
In 2022, Alibaba discussed raising at least $1B for Lazada before calling off negotiations with potential investors when talks crumbled over its valuation, according to the report.
Alibaba is in the midst of reorganizing its business, as in March the company announced plans to split into six main parts, including e-commerce, media and cloud computing. The company, reportedly, is also carrying out a strategic review of its video streaming platforms Youku and Tudou.
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