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The funding will be used to accelerate regional dominance, and special attention was paid to Shoppee and AirPay

Southeast Asia’s largest Internet and mobile platform company Garena today announced it has raised a US$170 million Series D round lead by the Malaysian Government strategic investment fund Khazanah Nasional Berhad (Khazanah).

This latest round brings the total amount raised by Garena to US$500 million.

The company plans to use the funding to “accelerate regional market leadership across Garena’s three pillars of Digital Content, eCommerce, and Payments”.

Furthermore, Garena Founder, Chairman and Group CEO, Forrest Li specifically highlighted the rapid growth trajectory of its mobile online marketplace Shoppee and its payment platform AirPay.

After explaining that Shoppee and AirPay are the fastest growing regional companies in their prospective market, he hinted that at least part of the funding will be use to try and grow the two products into regional leaders.

“These growth trajectories highlight the potential of a unified platform to serve the hundreds of millions of internet and mobile users in our region while bringing shared value to our content partners, marketplace sellers, and payment partners,” he said.

“With this new round of capital, we have no doubt that Shopee and AirPay will be the leading offerings in the market.”

Shoppee, an app that allows offline companies to quickly sell products online in their local language and using local logistics is used by a whopping 650,000 SMEs. Over the ten months since its launch in June 2015, the value of merchandise sold using the app is US$350 million.

AirPay fills a common need in Southeast Asia by allowing people to pay in cash for online goods. It has 100,000 payment counters across the region and the gross transaction value is US$330 million.

Khazanah now joins General Atlantic LLC, the Ontario Teachers’ Pension Plan, and Keytone Ventures as investment partners.

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