JP Morgan Confirms Investment in Rocket Internet's Lazada
A global leader in investment management, J.P. Morgan Asset Management, through its German holding confirms the investment in Rocket Internet's Lazada that operates in Southeast Asia. J.P Morgan will take Lazada's stake. We previously broke the news by saying J.P. Morgan will make heavy investment in Lazada, with record amount of any investment made to online startup in the region. Although not explicitly stated, The Next Web suggested the investment worth "upwards of $50 million", according to source close to the company.
Lazada has presence in five Southeast Asia countries and approximately employing 1000 employees in Indonesia, Vietnam, Malaysia, Thailand and Philippines. According to Alexa rank, Lazada has already reached top local B2C e-commerce site in all of its markets. It won't be the first J.P. Morgan investment in Rocket Internet properties as it has invested in several e-commerce companies, like Zalando and Dafiti.
Regional CEO Maximilian Bittner in the press release commented, "We feel very honoured to welcome J.P. Morgan to our investor group and are particularly excited to be joined by an investor that shares our vision and belief in the huge potential of this populous region replicating online shopping behaviours in developed countries. This will further support our growth as we strive to offer all of our customers fast, convenient and secure online shopping experiences".
Lazada offers broad product offering in categories ranging from consumer electronics to household goods, toys and sports equipment.