Singapore’s Sea Group, which owns e-tailer Shopee, today reported that its net loss for the three months ended in March widened to $422 million from $281 million last year, Nikkei Asia writes.
The New York-listed company, which operates businesses spanning e-commerce, online gaming, food delivery and mobile payments, saw Q1 revenue hit $1.76 billion, up from $714 million in 2020, thanks to an uptick in demand for e-commerce. Sea’s e-commerce business saw revenues grow 250 percent year-on-year to $922 million.
The group, currently Southeast Asia’s most valuable listed company according to Nikkei Asia, is amping up efforts to capture growing demand across the region, which has become a battleground for tech and retail giants like Gojek and Tokopedia, which this week confirmed news of a merger that could be valued at $18 billion. To compete, Shopee is increasingly tapping into digital formats like livestreaming, inking deals with premium brand partners like K-beauty giant Amorepacific and launching sales festivals to boost sales.