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According to reports, Southeast Asian e-commerce giant Lazada received another US$634 million in funding from its parent company Alibaba, bringing its total annual capital injection to more than US$1.8 billion.
The move comes as Alibaba faces fierce domestic competition, with its international digital commerce unit growing 53% year-on-year in the second quarter of fiscal 2024.
Lazada has fierce competition in Southeast Asia. TikTok Shop and Tokopedia announced a cooperation and will invest US$1.5 billion. Analysts pointed out that TikTok Shop’s low-price subsidies in Indonesia may hinder Lazada and Shopee’s profit expansion plans.
(Source: techinasia Image source: freepik)
