Alibaba-Backed Lazada Ready to Dethrone Shopee and Tokopedia

Summary

Alibaba Group has injected US$378 million or around Rp 5.5 trillion to Lazada, according to filings with Singapore's Accounting and Corporate Regulatory Authority. "The capital is provided in the form of new shares issued by Lazada to the Singapore-based entity Alibaba Group," Tech In Asia reported on Monday. Tech in Asia previously calculated that Alibaba injected up to US$4.4 billion into Lazada in total from 2018 to 2020. However, it is still below the US$6.6 billion raised by Shopee from Sea Ltd in the same period.

Previously, Alibaba had been reportedly delaying talks with investors regarding a US$1 billion or Rp 14 trillion fundraising for Lazada. Alibaba's capital injection was part of Lazada's spinoff and pre-IPO financing.

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