Alibaba acquires Pakistan e-commerce site Daraz from Rocket Internet
today May 9, 2018
Alibaba Group has acquired the entire share capital of South Asian e-commerce platform Daraz Group for an undisclosed amount, Rocket Internet said on Tuesday.
Under the Chinese e-commerce firm's helm, Daraz will continue to operate under the same brand following the transaction, said the Berlin-based Rocket.
"The sale of Daraz to Alibaba is another testament to Rocket Internet's ability to successfully scale and exit market-leading companies", said 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."
Daraz, founded in Pakistan in 2012, operates online marketplaces in Pakistan, Bangladesh, Myanmar, Sri Lanka and Nepal.
The five South Asian markets in which Daraz currently operates have a combined population of over 460 million, 60% of which are under the age of 35.
Germany's Rocket Internet Group claims an active portfolio spans more than 100 companies. Firms include Global Fashion Group, Lamoda, Dafiti and Zalora.
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