Alibaba buys online retailer Daraz

Daraz is active in Bangladesh, Myanmar, Sri Lanka, Nepal

Daraz Group, a leading e-commerce company in Pakistan, Bangladesh, Sri Lanka, Myanmar and Nepal, yesterday announced that the company was fully acquired by Alibaba Group of China.

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 per cent of which are under the age of 35, the statement added.

Daraz was founded in 2012 and has since grown into the most popular online shopping destination in the countries it operates in. Daraz will continue to operate under the same brand following the transaction.

Bloomberg adds: Financial details weren’t disclosed on the deal, which will see Alibaba take control of an online retailer that sells everything from fashion to electronics.

The deal comes just a couple months after Ant Financial, which is controlled by Ma, decided to buy a 45 per cent stake in Telenor Microfinance Bank for $184.5 million to further develop mobile payments and digital financial services. develop mobile payments and digital financial services.

HM

Alibaba buys online retailer Daraz

Daraz is active in Bangladesh, Myanmar, Sri Lanka, Nepal

Daraz Group, a leading e-commerce company in Pakistan, Bangladesh, Sri Lanka, Myanmar and Nepal, yesterday announced that the company was fully acquired by Alibaba Group of China. With the acquisition, Daraz will be able to leverage Alibabas 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 per cent of which are under the age of 35, the statement added. Daraz was founded in 2012 and has since grown into the most popular online shopping destination in the countries it operates in. Daraz will continue to operate under the same brand following the transaction. Bloomberg adds: Financial details werent disclosed on the deal, which will see Alibaba take control of an online retailer that sells everything from fashion to electronics. The deal comes just a couple months after Ant Financial, which is controlled by Ma, decided to buy a 45 per cent stake in Telenor Microfinance Bank for $184.5 million to further develop mobile payments and digital financial services. develop mobile payments and digital financial services. HM