Alibaba Acquires Pakistan’s Leading E-Commerce Company Daraz
Chinese Internet giant Alibaba has bought Pakistani e-commerce firm Daraz in an undisclosed deal in order to expand its operations in South Asia. The deal marks Alibaba's second wave of international expansion aiming to enter South Asia.
Daraz was founded in 2012 and is backed by European Tech Incubator Rocket Internet. It operates in Bangladesh, Myanmar, Sri Lanka, Nepal and Pakistan. This is the second time when Alibaba has bought a Rocket company, the first being Lazada in South East Asia in 2016.
The official announcement for the deal is awaited but has been confirmed by a company spokesperson, according to the sources.
Alibaba had initially focused on India backed by Paytm but now it aims to spread its wings into lower profiles which are hugely populated in South Asia. Pakis...