Lazada, an online department store in Southeast Asia, has received a capital injection from Swedish investment company Kinnevik.

The new fund worth US$40 million, together with recently announced investment by JP Morgan Asset Management, will continue Lazada’s growth in Southeast Asia, allowing it to continue building its product offer and expand its reach.

“By focusing on providing superior service to our customers and to broaden our assortment is a natural next step for us,” said Lazada regional CEO Maximilian Bittner.

Lazada recently added fashion to its extensive product offering, which includes a range of products from consumer electronics to household goods, toys and sports equipment.

The online department store operator has operations in Indonesia, Malaysia, Philippines, Thailand and Vietnam.

GB