Alibaba, the Chinese internet giant, has expanded its e-commerce empire into South Asia after acquiring Daraz in an undisclosed deal. Daraz Group, a leading e-commerce company in Nepal, Pakistan, Sri Lanka, Myanmar and Bangladesh, was fully acquired by Alibaba to become a member of Alibaba Group.
Daraz was founded in 2012 by Rocket Internet, and it is the second time Alibaba has bought a Rocket company, the first being Lazada in Southeast Asia two years ago. The deal is part of Alibaba’s second wave of international expansions into South Asia.
With the acquisition, Daraz will be able to leverage Alibaba’s leadership and experience in technology, online commerce and operation to drive further growth in the five South Asian markets that have a combined population of over 460 million, 60 percent of which is under the age of 35. Daraz will continue to operate under the same brand name.
