Prachachart Turakij, Thailand’s most read business newspaper, reports Lazada, the Southeast Asian online retail company founded by Germany’s Rocket Internet Gmbh, has announced the moving of its head quarter to Bangkok, Thailand, where earlier the firm secured another $100 million from investors in its bid to lift the ASEAN from its status as an e-commerce backwater.
In Southeast Asians, people still prefer to do 99 percent of their shopping offline, the company estimates. Lazada, which operates in Indonesia, Malaysia, the Philippines, Thailand and Vietnam, hopes to change that.
The firm moving its head quarter to Thailand, says the firm executive, is to take advantage of rapid growth in the e-commerce segment in Thailand, where the firm’s Thai sales rocket up to about US$50 million, a whopping 5 times the previous year level, even when in Thailand, only about 1% shop through e-commerce.
“We can expect to see e-commerce jumping to 4% to 5% of total shopping in 5 years,” said Kultherat, of Lazada, in Thailand.
Earlier in the year, Lazada announced that it had secured $100 million in funding from existing investors Holtzbrinck Ventures, Kinnevik Investment AB, Summit Partners and Tengelmann Group, as well as new investor Verlinvest, a Belgian family-owned investment holding company. It was Lazada’s largest single round of funding to date.
Berlin-based Rocket Internet has launched multiple e-commerce websites in the past few years, most of them in emerging markets. They include Africa’s Zando and Jumia, Zalando in Europe and Dafiti in Brazil. Earlier this month Lamoda, a Russian version of Zalando, secured $130 million in a funding round that included Summit Partners and Tengelmann.
Lazada was launched in early 2012 offering consumer electronics, household goods, toys and sports equipment to emerging markets in Southeast Asia.
- Rocket Internet’s Lazada lands $250m – and UK retail giant Tesco as new investor (venturevillage.eu)
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- Lazada raises jaw-dropping $250M to mainstream e-commerce in Southeast Asia (venturebeat.com)
- Tesco picks up small stake in Rocket’s Lazada (uk.reuters.com)
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- Amazon clone Lazada raises jaw-dropping $250M to mainstream e-commerce in Southeast Asia (technicsandtime.wordpress.com)