Southeast Asian online retailer, Lazada has raised €200 million in a new funding round led by Singapore investment company Temasek .
In a statement, Lazada said Temasek joined existing investors including Verlinvest, Kinnevik and Germany based Rocket Internet in the funding round, which valued Lazada at €1 billion.
In a separate statement, Rocket Internet said it contributed €15.3 million, with its stake in the online retailer reducing to 23.8 per cent from 26.7 per cent.
Lazada said it would use the funds to expand and improve its logistics infrastructure, payment solutions and IT systems.
"The ecommerce market in Southeast Asia is still in its infancy and we will continue to invest in our operations to enhance customer experience," Lazada CEO, Maximilian Bittner said.
Launched in early 2012, Lazada secured $250 million in funding last year from investors which include Kinnevik, Tesco Plc and Access Industries.
Lazada sells products in Malaysia, Thailand, Singapore, Philippines, Vietnam and Indonesia and posted net sales of €47 million in the earlier part of 2014. (AR)
