Multinational e-commerce company Alibaba Group has acquired South Asia’s largest e-commerce platform, Daraz Group said Tuesday.
Daraz was founded in 2012 and has grown into a leading e-commerce company in Pakistan, Bangladesh, Sri Lanka, Myanmar and Nepal. Alibaba has expanded its e-commerce empire into South Asia after the Chinese internet giant also acquired Daraz groups’ five markets venture Bangladesh, Pakistan, Sri Lanka, Myanmar, and Nepal, Daraz said in a statement today.
The purchase, for an undisclosed sum, will make Daraz a wholly owned unit of Alibaba, which is China’s biggest e-commerce provider and operator of the popular Taobao and Tmall platforms.
Alibaba acquires South Asia e-commerce platform Daraz. https://t.co/497LkAPPLA pic.twitter.com/j5O8YOWrUQ — Alibaba Group (@AlibabaGroup) May 8, 2018
Alibaba acquires South Asia e-commerce platform Daraz. https://t.co/497LkAPPLA pic.twitter.com/j5O8YOWrUQ
— Alibaba Group (@AlibabaGroup) May 8, 2018
With the acquisition, 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 46 crore, 60 percent of which are under the age of 35 years, reads the statement.
“We are excited for Daraz to become a part of the Alibaba ecosystem,” said Alibaba CEO Daniel Zhang. “Together with Daraz, we can now empower entrepreneurs to better serve consumers in the region through our technology and expertise.”
Daraz will continue to operate under its brand name after the transaction
