Alibaba Group Holding Limited will invest an additional $1 billion to increase its stake in Southeast Asian e-commerce platform Lazada Group, from 51% to 83%. The Chinese e-commerce company said it will purchase the shares of certain Lazada shareholders at an implied valuation of $3.15 billion.

Lazada is present in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. It claims to have more than 100,000 local and international sellers, 2500 brands serve the 560 million consumers in the region on its platform. The company was founded in 2012 by Rocket Internet. Lazada will use the funds to invest further in the marketplace, technology, payments and logistics.

Earlier Investment: In April last year, Alibaba first acquired majority stake in the company by investing $1 billion at a valuation of $1.5 billion. Rocket Internet offloaded a 9.1% stake for $137 million, Tesco sold an 8.6% stake for $129 million, and Kinnevik sold 3.8% stake for $57 million to Alibaba Group at the time. The current  transaction will make Alibaba’s total investment in Lazada to over $2 billion. Lazada will continue to operate under the same brand following this investment.

Activities by Lazada

– In November last year, Lazada acquired Singapore based e-grocer Red Mart. While Red Mart operates independently, it marked the e-commerce portal’s entry into e-groceries.

– In April this year, it launched LiveUp after partnering with Netflix and Uber. Liveup comes at a early subscription fee of $20 and gives consumers of Lazada advantages such as faster deliveries. It also gives the consumers six month free subscription to Netflix and discounts on Uber rides and UberEats.

Lazada and Alibaba initiatives in the last 12 months

– An e-fulfillment center was established in Malaysia which forms part of Alibaba’s Electronic World Trading Platform (eWTP) strategy.

– Taobao Collection, which is a Chinese shopping website is now available in Singapore and Malaysia through Lazada. Taobao is operated by Alibaba Group.