Alibaba raises its stake in E-commerce firm Lazada

Chinese e-commerce giant, Alibaba said that it would invest $1 billion to increase its stake in Southeast Asia's Lazada, from 51% to 83%.

The transaction will increase Alibaba’s total investment in Lazada to $2 billion.

Daniel Zhang, CEO, Alibaba, said, "The e-commerce markets in the region are still relatively untapped and we see a very positive upward trajectory ahead of us."

Alibaba, founded by China's richest man Jack Ma, is a dominant player in the fast-growing online commerce market as shoppers increasingly shun bricks-and-mortar stores.