Asian Amazon Clone Lazada Raises $26M

Money Sign

Lazada, the Asian Amazon clone, has raised $26 million to expand its ecommerce services across the continent, the Next Web reported. The investment led by Summit Partners is just one of the latest checks the company has landed in recent weeks. Less than a month ago, it received $40 million from Kinnevek, the Swedish retail conglomerate. Owned by Rocket Internet and the Samwer brothers infamous for launching Asian clones of successful web services, Lazada landed an undisclosed investment in September from serial Rocket Internet investor J.P. Morgan, said to be more than $50 million.

The company plans to use its recent cash to fuel its growth, expand its portfolio of products, and add new functionality to its site.

“(Summit has) extensive experience in supporting fast‐growing companies which will be of huge benefit as we continue to build out our offering and services to win the Southeast Asian market,” commented Maximilian Bittner, Regional CEO.

The company takes an Amazon-like approach through an ecommerce selection of books, consumer electronics, household goods, toys, sports equipment and fashion. Its platform extends to local businesses as well, key in a region where smaller merchants typically serve more local customers in physical stores.

Lazada’s footprint currently includes Vietnam, Thailand, Indonesia and the Philippines, serving more than 600 million online customers. The company recently launched in Malaysia, and will use the new funds to further expand into Southeast Asia and other Asian regions.

Lazada’s recent funding influx is unusual for an Asian company, giving it a formidable advantage as it strives to be the next Amazon.

“We seek to invest in companies that build long‐term value, and Lazada has shown dynamic growth in a short period of time,” stated Scott Collins, a Managing Director and head of the Summit Partners London office. “We are thrilled to be part of the Lazada story.”