Chinese Ecommerce giant Alibaba has bought the 100% share capital of e-commerce website Daraz. Daraz, the company founded by Rocket Internet in 2012, is currently operational in Pakistan, Bangladesh, Myanmar, Nepal and Sri Lanka.
According to Daraz officials, the company will continue to operate under the same brand following the sale to Alibaba Group.
“The sale of Daraz to Alibaba is another testament to Rocket Internet’s ability to successfully scale and exit market-leading companies”, said Oliver Samwer, CEO of Rocket Internet.
“The acquisition by Alibaba is a tremendous success for the entire team working at Daraz,” Oliver added.
“Daraz will be able to leverage Alibaba’s leadership and experience in technology, online commerce, mobile payment and logistics to drive further growth in the five South Asian markets that have a combined population of over 460 million, 60% of which are under the age of 35,” he added in his press release.
The acquisition of Daraz by Alibaba is the China’s step to enter into the Pakistani Market. As few months ago, Alibaba Group acquired 45% shares in Telenor Microfinance Bank for $184.5 million.
According to Chief Executive Officer (CEO) Alibaba Group Daniel Zhang, the acquisition of Daraz will ensure entrepreneurs to serve consumers in a better way.