JP Morgan Asset Management will take a stake in Asian online department store Lazada through a German subsidiary.

Lazada was launched simultaneously in five southeast Asian countries including Malaysia, Indonesia, Thailand, Vietnam and the Philippines six months ago. It is based on shopping website Amazon.

According to web ranking site Alexa.com, it is already ranking among the top local B2C ecommerce sites in all of its markets. 

“This growth is a testament to the huge potential of this region with a population of more than 600 million people and a growing young middle-class which are embracing new online experiences – ranging from ecommerce to social media – at an ever increasing pace through their mobile phones or other connected devices,” said Lazada.

With the support of Rocket Internet, German online venture incubator, Lazada has already established itself as a household name in the region by providing a one-stop shopping experience online. Its offerings range from consumer electronics to household goods, toys and sports equipment and health and beauty products. 

“This will further support our growth as we strive to offer all of our customers fast, convenient and secure online shopping experiences,” said Lazada regional CEO Maximilian Bittner about the investment.

The funds will be used for Lazada’s continued expansion in Asia.

GB