Garena, Singapore based Internet and Mobile platform company which is often considered as South East Asia’s largest, has raised $170 Million in Series D round. The funding round was led by Khazanah Nasional Berhad (Khazanah), Malaysian Government’s strategic fund.
With the latest investment, Garena has now raised a total $500 Million. With the raised funds, the company is looking to accelerate the regional growth in its key areas including eCommerce, Digital Content and Payments.
Speaking on the development, Forrest Li, Founder and CEO stated that its mobile marketplace Shopee and payment platform AirPay have shown amazing growth trajectory in the recent times and part of the raised funds will also be used to establish both the products in their regional leaders.
Shopee is a mobile only online marketplace which lets the merchants sign up quickly and sell their products in their own language without much of the hassle. Within the first 10 month of its launch, the platform is being used by over 650,000 SMEs and it has sold the goods valued over $350 Million.
On the other hand, AirPay lets the users pay in cash for online transactions. It has over 100,000 cash collection centers across the region and claims to have processes orders with $330 Million.