Alibaba-owned e-commerce company Lazada South East Asia Pte. Ltd. racked up mounting losses in the financial year ended March 31, 2021, on the back of shrinking revenue, its latest regulatory filings show.
The firm’s revenue fell more than 65% to $556,000 from $1.6 million the year before, according to its filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA). Meanwhile, its total comprehensive loss jumped 4.5x to $863.7 million in 2021.
