Chinese ecommerce provider bags 8-digit million series B

China-based Lazbao Group, an integrated service provider, has closed its series B round, raising “tens of millions of dollars.” This financing, which saw investment bank Taihecap serve as exclusive financial advisor, follows a US$16 million raise in December 2021.

Image credit: Timmy Loen

Lazbao provides ecommerce services to Southeast Asia, offering supply chain management, ecommerce operations, warehousing, logistics, marketing, cross-border payments, and a digital enterprise resource planning system. It has operations in Indonesia, Thailand, the Philippines, Vietnam, and Malaysia.

The fresh funds will be used to optimize its services, expand to new markets, and construct infrastructure.

Lazbao currently has dedicated transport routes between China and Vietnam as well as between China and Thailand. It is also in talks to set up freight routes from China with Royal Air Philippines and Cambodia’s Lanmei Airlines to access Indonesia, Malaysia, and the Philippines.

The firm has built warehouses in all five of its current Southeast Asian locations, with those in Thailand and Indonesia each covering over 10,000 square meters of land. A self-operated warehouse, which will be open for use by the end of the year, will be occupying 100,000 square meters.

Lazbao was founded in 2019 by early members of ecommerce giant Alibaba. It currently employs over 800 people.

In 2021, ecommerce transactions in Southeast Asia reached US$120 billion and are poised to reach US$234 billion by 2025 at a compound annual growth rate of 18%.

See also: Lazada gets $378m boost from Alibaba, filings show