Image: Alibaba Taiwan grand opening Credit: Rico Shen/Wikimedia Commons
Alibaba Group has acquired Pakistani leading e-commerce company Daraz, as the Chinese giant expands its trade presence in South Asia.
The two companies have not yet disclosed the value of the deal.
Founded in the year 2012, Daraz has been run successful business in Bangladesh, Sri Lanka, Myanmar, Nepal and Pakistan.
According to experts, the acquisition will allow Daraz 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.
Daraz will continue to operate under the same brand following the transaction.
Bjarke Mikkelsen, Co-CEO, Daraz in a statement said, “With this transaction Daraz has found its natural home in the Alibaba family, and we are proud to carry our part of the mission to ‘make it easy to do business anywhere’. With hard work and dedication we have started the e-commerce journey in our markets, but we have still only scratched the surface of the potential.”
Dr. Jonathan Doerr, Co-CEO, Daraz added, “Together with Alibaba, we are ready to empower entrepreneurs in the region and to fulfill our promise to offer our customers the best selection of products with a high level of convenience. All of this would be supported by a best-in-class technology platform, a strong logistics network, and a vibrant community of ecosystem participants.”
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.”
