Hong Kong — Alibaba Group Holding will invest another $1bn to raise its stake in online mall Lazada Group to 83%, securing control of a fast-growing start-up at the vanguard of its Southeast Asian expansion. The Chinese e-commerce leader is buying out most other backers in a deal that values the Singapore-based start-up at $3.15bn, Lazada CEO Maximilian Bittner said, with management and Temasek Holdings Pte. remaining as the only other investors. Lazada backers Rocket Internet and Investment Kinnevik said on Wednesday they were among the sellers. The start-up’s previously disclosed backers also include British supermarket chain Tesco. Alibaba took control of Lazada last year from Rocket in a $1bn deal — its largest overseas move to date. The company Bittner started in 2012 is now pivotal to quickening the Chinese online retailer’s forays abroad, fulfilling billionaire co-founder Jack Ma’s ambitions of becoming a truly global business. Lazada’s home turf is shaping up to be the next ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.