Alibaba to buy South Asia e-commerce site Daraz
Pakistan firm will take advantage of Alibaba's experience in technology, e-commerce, mobile payment and logistics
Alibaba is planning to conduct a full acquisition of Daraz, an e-commerce company established in Pakistan, boldly extending its e-commerce portfolio in South Asia, The Paper reported.
Both parties have not yet disclosed the purchase amount.
After the acquisition, Daraz will continue to operate under its original brand. Daraz will utilize Alibaba’s advantages and experience in technology, e-commerce, mobile payment and logistics.
According to the Daraz website, the company was founded in 2012 and has launched operations in Bangladesh, Myanmar, Sri Lanka and Nepal. It serves five million consumers, with 30,000 merchants and 500 brands on its platform.
Alibaba’s investment in Southeast Asia runs much deeper. In March, it added US$2 billion in investment to become the biggest shareholder of Lazada, the largest e-commerce platform in the region.
Last year, Alibaba also led the investment in Tokopedia, an Indonesia e-commerce site.