The move assumes strategic importance since it acts as a vehicle for increasing Alibaba’s global push to boost its marketshare in Singapore’s fast-growing multi-billion dollar e-commerce market.

As part of its drive to further expand its presence in new markets, Alibaba Group Holding Ltd is set to invest an additional $2 billion in the Lazada Group, a Singapore-based e-commerce firm.

After this investment, Lucy Peng, Lazada Group’s chairwoman, will become its chief executive officer, replacing Max Bittner, Lazada Group’s founder, who will, in turn, become a senior advisor to Alibaba.

Alibaba’s total investment in the Lazada Group has come to $4 billion; it had previously invested $2 billion in the Singapore-based firm.