Rumors have been in floating for the last couple about Alibaba acquisition of Daraz, finally, the dilemma has been answered.
Daraz Group, a leading e-commerce company in Pakistan, Bangladesh, Sri Lanka, Myanmar, and Nepal has finally acquired by China’s e-commerce giant Alibaba.
Alibaba Group has bought the entire share capital of Rocket Internet’s Daraz Group, Rocket Internet said on Tuesday, without disclosing financial details of the transaction.
Daraz, founded in 2012, operates online marketplaces in Pakistan, Bangladesh, Myanmar, Sri Lanka and Nepal. The unit will continue to operate under the same brand following the sale to Alibaba, Rocket said.
“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,” said the statement.
Alibaba Group Chief Executive Officer Daniel Zhang said the acquisition will empower entrepreneurs to better serve consumers in the region.
“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.” said CEO, Alibaba