Alibaba expands South Asia footprint, snapping up Pakistani online retailer Daraz
Alibaba, the Chinese technology group, has expanded its e-commerce business into South Asia by buying Daraz, the Pakistani online shopping business started by the German company Rocket Internet.
Daraz, founded in 2012, is backed by European tech incubator Rocket Internet. It operates in Bangladesh, Myanmar, Sri Lanka and Nepal as well as Pakistan.
The deal marks another foray for billionaire entrepreneur Jack Ma’s Alibaba into the South Asian market. The e-commerce titan invested in India’s popular payment app Paytm in 2015.
“Together with Daraz, we can now empower entrepreneurs to better serve consumers in the region through our technology and expertise,” Alibaba CEO Daniel Zhang said in a statement Tuesday.
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.”
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.”