Alibaba Group (BABA.N) has bought the entire share capital of Rocket Internet’s (RKET.DE) South Asian ecommerce platform Daraz Group, Rocket Internet said on Tuesday.
Alibaba Group (BABA.N) has bought the entire share capital of Rocket Internet’s (RKET.DE) South Asian ecommerce platform Daraz Group, Rocket Internet said on Tuesday.
With the acquisition, Daraz will be able to leverage Alibaba’s 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 was founded in Pakistan in 2012 and has since grown into the most popular online shopping destination in the country. Today, the company operates online marketplaces in Bangladesh, Myanmar, Sri Lanka and Nepal. Daraz will continue to operate under the same brand following the transaction.
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.
