Online marketplace, which launched in Pakistan in 2012, will continue to operate under the same branding

Leading Chinese eCommerce company Alibaba Group has acquired the entire share capital of South Asian eCommerce platform Daraz Group for an undisclosed amount, according to incubator Rocket Internet. Founded in 2012 in Pakistan, the Daraz Group has expanded to Myanmar, Bangladesh, Sri Lanka and Nepal and had been serving a combined population of over 460 million, 60 percent of which are under the age of 35. Daraz will continue to operate under the same brand, Rocket Internet said in a statement. CEO of Alibaba Group, Daniel Zhang said in the release: “Together with Daraz, we can now empower entrepreneurs to better serve consumers in the region through our technology and expertise.
Chinese retailer Alibaba acquires Pakistani online marketplace Daraz for an estimated US$150–200 million.