It will deploy the fund across 20 investments by middle of next year
By Tanu Pandey
Lazada Malaysia CEO Hans-Peter Ressel on growth opportunities.
Alibaba is raising its stake in Singpost, amid future competition with US e-commerce major Amazon in Southeast Asia and potentially in China.
Alibaba Group Holding Ltd. and Amazon.com Inc. are about to clash in Southeast Asia. And Lazada Group SA, which Alibaba bought this year for $1 billion, will be right at the heart of that conflict. Southeast Asia’s largest e-commerce site is rolling out a series of initiatives in anticipation of the U.S…. Read more »
Amazon is ready to enlarge its presence in Asia through plans to set up a regional HQ in Singapore, following reports earlier this year that it planned to establish itself in the Indonesian market with a war chest estimated at $600 million.
Lazada Group, backed by Alibaba Group, is acquiring RedMart in a strategic deal that will see RedMart operate autonomously and enable Alibaba to enter the online grocery services market.
Redmart, that was founded in 2011, has raised $55 million in equity financing to date and was a first mover in the e-grocery space in Southeast Asia, but has faced financing issues over the last 12 months, having reportedly failed in its efforts to raise a $100 million funding round.
RedMart is working with an investment bank on options including a possible sale of the grocer; the company is said to have reached out to potential buyers including Singapore supermarket chain NTUC Fairprice Co-operative Ltd. to gauge their interest,