Asia Tech Wire (Aug 13) -- Lazada, Alibaba's e-commerce marketplace in Southeast Asia, recorded an EBITDA turnaround to profitability in July this year, according to the latest market news.

The Wall Street Journal reported that Lazada CEO James Dong held an internal meeting on Tuesday morning to reveal the news.

Dong said the profitability proves that Lazada's business strategy is working.

He added that Lazada will continue to increase its investment in the Southeast Asian market under a sustainable operating model.

Founded in Singapore in 2012, Lazada was acquired by Chinese tech giant Alibaba in 2016.

Since the acquisition, Alibaba has repeatedly injected capital into Lazada, with the total investment currently standing at around $7.7 billion.

Previously, Lazada's Thai arm has been the first to turn a profit in 2022.