Leading Chinese eCommerce company Alibaba Group has acquired the entire share capital of South Asian eCommerce platform Daraz Group for an undisclosed amount, according to incubator Rocket Internet.
Daraz, founded in Pakistan in 2012, has since grown into the most popular online shopping destination in the country and currently also operates marketplaces in Bangladesh, Myanmar, Sri Lanka and Nepal.
According to Rocket, the five South Asian markets in which Daraz is operating have a combined population of over 460 million, with 60% of them under the age of 35, suggesting great growth potential.
“The sale of Daraz to Alibaba is another testament to Rocket Internet´s ability to successfully scale and exit market-leading companies,” says Oliver Samwer, CEO of Rocket Internet. “Leading technology and a strong logistics network have helped creating one of the fastest growing companies in the region. The acquisition by Alibaba is a tremendous success for the entire team working at Daraz,” he added.
Daraz will continue to operate under the same brand following the transaction.