Alibaba injects an additional $634 million into Lazada,Double Cross (1996) its Southeast Asia arm, amid escalating regional competition, reports Tech in Asia. This latest investment brings Alibaba’s total injection into Lazada this year to over $1.8 billion. The move follows Chinese counterpart TikTok’s $1.5 billion investment in Indonesia-based GoTo’s e-commerce unit to revive its online shopping business, three months after the short video platform had been forced to suspend retail services. Alibaba’s International Digital Commerce, overseeing overseas marketplaces including Lazada, saw quarterly revenue soar at a double-digit pace this year though still making a loss. [Tech in Asia]
