Chinese Internet Giant has expanded its e-commerce empire into South Asia after the Alibaba buys Pakistan’s Daraz in an undisclosed deal.
Daraz was founded in 2012 by Rocket Internet a Berlin-based incubator of online startups.
Today it operates in Pakistan as well as Bangladesh, Myanmar, Sri Lanka and Nepal. Rocket said in a statement that Alibaba has acquired Daraz completely. The deal is the second time Alibaba has bought a Rocket company, the first being Lazada in Southeast Asia two years ago.
An Alibaba spokesperson confirmed the deal but the company hasn’t made an official announcement. Rumors of a deal have been rife for the past couple of months, we reported possible acquisition as well.
Daraz include consumer electronics, household goods, beauty, fashion, sports equipment and groceries
Daraz said the acquisition would help further growth in its main markets, adding that they were home to 460 million people, 60 percent of whom were under the age of 35.
Alibaba CEO Jack Ma has also been investing in research into advanced technologies such as driverless cars and artificial intelligence.
The New York-listed firm added 98 million active consumers over the year ended March 31, to a total of 552 million using its e-commerce marketplaces.