Alibaba wholly acquires South Asia e-commerce platform Daraz
The South Asian market has further become an important part of Alibaba’s global development strategy.
On May 8, Daraz, an e-commerce company founded in Pakistan, was announced to be wholly-owned acquisition by Alibaba Group and will formally become a member of the Alibaba family.
Daraz was established in 2012 and has now become Pakistan’s most popular online shopping platform. In addition, the company also operates in Bangladesh, Myanmar, Sri Lanka and Nepal.
When the acquisition is completed, Daraz will continue to maintain the original brand operation. Daraz will also make full use of Alibaba’s leading edge and experience in technology, e-commerce, mobile payment and logistics to drive further growth in market share in five South Asian countries. According to public information, the total population of the five markets exceeds 460 million, and 60% of the population is under 35 years of age.
“We are so pleased that Daraz has become part of Alibaba’s ecosystem.” Alibaba Group CEO Zhang Yong said, “Achieving cooperation with Daraz, we can use our technology and expertise to empower entrepreneurs in South Asia so that we can better serve consumers in the region. Daraz is a great team that supports our values. Everyone believes that the technology-based business ecosystem will promote the long-term development of the South Asian economy.”
Daraz co-CEO Jonathan Doerr said, “We are ready to work with Alibaba to empower entrepreneurs in the region and fulfill our commitment to provide our customers with the best products on a highly convenient basis. All of this will be supported by Alibaba’s first-rate technology platform, strong logistics network and vibrant participants in the ecosystem.”
“Through the previous hard work and dedication, we have started e-commerce trips in South Asia, but this is just a beginning and there is still unlimited potential for future development,” said Daraz co-CEO Bjarke Mikkelsen.