In what is considered as a huge win for Lazada by the company’s CEO Maximilian Bittner, Tengelmann Group has recently joined in the act and invests on the online department store along with other Rocket Internet investors.
Not too long ago, we’ve reported that JP Morgan also backed Lazada’s effort to expand their business and improve the quality of their services. Unlike other investors, however, this is not the first time that the German holding firm has invested on Rocket Internet’s ventures.
There was no mention of the exact amount of the recent investment but according to sources, Rocket Internet was able to raise almost USD20 million from Tengelmann.
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