Alibaba to take US$1b stake in Lazada

AlibabaLeading e-commerce giant Alibaba has announced that it would pay US$1 billion for a controlling stake in Singapore startup Lazada, which has e-commerce operations across Southeast Asia.

Established by Rocket Internet in 2011, Lazada is a popular e-commerce platform for a wide range of consumer products.

“With the investment in Lazada, Alibaba gains access to a platform with a large and growing consumer base outside China, a proven management team and a solid foundation for future growth in one of the most promising regions for e-commerce globally,” said Michael Evans, President of Alibaba.