Alibaba Group is to invest almost another $1 billion in Southeast Asian e-commerce platform Lazada, bringing Lazada’s implied valuation up to $3.15 billion.

The two companies have released a joint statement to announce the the deal that will increase Alibaba Group’s stake from 51% to 83%.

Alibaba plowed $1 billion into Lazada in April 2016 to take a controlling share. The move was made up of $500 million in Lazada shares and purchased shares from other Lazada stakeholders, including Rocket Internet (the Frankfurt-listed incubator that invested in Lazada), Tesco, and Kinnevik. That made Lazada worth $1.5 billion at the time.

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Frank Hersey

Frank Hersey is a Beijing-based tech reporter who's been coming to China since 2001. He tries to go beyond the headlines to explain the context and impact of developments in China's tech sector. Get in...