Chinese eCommerce company Alibaba Group has acquired the entire share of South Asian e-commerce platform Daraz Group. Daraz Group is a leading e-commerce store operating in Pakistan, Bangladesh, Sri Lanka, Myanmar, and Nepal today stated that the company was fully procured by Alibaba to become a member of Alibaba Group.
Daraz was founded in Pakistan in 2012 and has since grown into the most popular online shopping destination in the country. Today, Daraz also operates online marketplaces in Bangladesh, Myanmar, Sri Lanka and Nepal. The five South Asian markets in which Daraz is operating have a combined population of over 460 million, 60% of which are under the age of 35. Daraz will continue to operate under the same brand following the transaction.
Oliver Samwer, CEO of Rocket Internet Said:
“The sale of Daraz to Alibaba is another testament to Rocket Internet’s ability to successfully scale and exit market-leading companies”,”Leading technology and a strong logistics network have helped to create one of the fastest growing companies in the region. The acquisition by Alibaba is a tremendous success for the entire team working at Daraz.”
Daniel Zhang, CEO of Alibaba Group, said:
We are excited for Daraz to become a part of the Alibaba ecosystem. Together with Daraz, we can now empower entrepreneurs to better serve consumers in the region through our technology and expertise. In Daraz, we found a great team that espouses our values and believes that a technology-enabled commerce ecosystem will play a critical role in driving the long term economic development in South Asia.