Southeast Asia-focused online marketplace Lazada received $352.91 million this week from its parent company, Alibaba Group.
The Chinese technology giant had pumped $1.6 billion into Lazada last year. It also appointed James Dong as the CEO of the SE Asian business in 2022. The changes appear to have helped Lazada increase its user base, especially in Indonesia.
However, the business continues to burn cash. According to Lazada’s latest financial statement, its net losses surged by 4.75x in the financial year that ended March 31, 2021. Meanwhile, its revenue dropped by nearly 66% during the period.
Lazada is present in Singapore, Indonesia, Malaysia, Vietnam, Thailand and the Philippines. Visit DATA VANTAGE to see how much it has raised over the years and its financial performance.
In other news, Singapore-based generic drug maker Eywa Pharma received $3 million from India’s Natco Pharma this week. According to its regulatory filings, the investment is part of the startup’s Series A8 funding round. Its share price is down 7% from its previous financing in 2022.
Eywa Pharma, which is present in India, Singapore, the US and Europe, is backed by Eight Roads, F-Prime Capital Partners and Envestor Ventures.
Other updates from DATA VANTAGE
Philippine HR tech startup Sprout Solutions received $2 million from GSR Ventures this week as part of a $10.7 million Series B round led by Cercano Management.
Indonesia-listed tech major GoTo injected additional capital into its Singapore unit, Velox South-East Asia Holdings, this week.
EcoWorth Tech, a Singapore-based cleantech startup, bagged nearly $600k this week from investors, including NTUitive, the innovation and enterprise arm of Nanyang Technological University. The company specialises in transforming waste materials into reusable products.
Smartlane, a Pakistan-based SaaS startup that focuses on e-commerce merchants, secured $550k in fresh funding last week.
Singapore-headquartered used car marketplace Carro posted a 2.3x growth in revenue for the year ended March 31, 2021. Its net loss expanded by nearly 20% during the period.
Fintech firm TurnKey Lender‘s Singapore-registered entity reported a 1.8x revenue growth for the financial year that ended December 31, 2021, while its net loss widened by over 40%.
Singapore-based fintech company bluesheets, which offers solutions to automate financial data, posted a 49% growth in revenue for the twelve months that ended July 31, 2022. Its net loss jumped during the year.