In a breaking move Alibaba group has acquired Pakistan’s Daraz e-commerce platform.
Daraz, founded in Pakistan 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.
Alibaba Group Holding Limited is a Chinese multinational e-commerce, retail, Internet, AI and technology conglomerate founded in 1999 that provides consumer-to-consumer, business-to-consumer and business-to-business sales services via web portals, as well as electronic payment services, shopping search engines and cloud computing services.
Bjarke Mikkelsen, Co-CEO, Daraz 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.
This marks the first acquisition by the e-commerce giant in Pakistan as it looks to expand more in the South Asian region but only time will tell if this acquisition turns out for better or for worse for Pakistan’s thriving native e-commerce ecosystem.