Daraz Group officially announced today that the company was fully acquired by Alibaba. The e-commerce company will now be a member of the Alibaba Group.
Why it matters:
- Daraz currently operates online shopping sites in Pakistan, Bangladesh, Myanmar, Sri Lanka, and Nepal. It was founded in 2012 in Pakistan.
- With the acquisition, Alibaba has expanded its e-commerce empire into South Asia and will be able to leverage its 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.
- Daraz will continue to operate under the same brand following the transaction.
What they are saying:
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.”
Daniel Zhang, CEO of Alibaba Group, said, “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.”
Source: Techlekh
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