Alibaba buys South Asian Daraz

Alibaba acquired the entire share capital of South Asian eCommerce platform Daraz Group (“Daraz”) for an undisclosed amount.
Daraz was founded in Pakistan in 2012 and has since grown into the most popular online shopping destination in the country. Today, Daraz also operates online marketplaces in Bangladesh, Myanmar, Sri Lanka and Nepal. The five South Asian markets in which Daraz is operating have a combined population of over 460 million, 60% of which are under the age of 35. Daraz will continue to operate under the same brand following the transaction.
Alibaba initially focused on India — where it has backed Paytm — and Southeast Asia with Lazada, but this year it has spread its wings into lower profile but hugely populous countries in South Asia. Pakistan, for example, has a population of over 190 million. The acquisition of Daraz follows a fintech investment from Alibaba affiliate Ant Financial, which runs Alipay and other Alibaba financial services.

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