Alibaba acquires Daraz group to step in Pakistan e-commerce
We all know that Daraz is included in Pakistan largest online shopping stores, Daraz is Pakistan largest and fastest growing e-commerce store, where people buy thousands of different kinds of stuff daily with amazingly fast delivery.
Daraz.pk is the subsidiary of German internet Company Rocket Internet. Rocket Internet step into Pakistan’s e-commerce sector with the establishment of Daraz.pk in July 2012.
Alibaba Group Holding Limited is a Chinese multinational e-commerce, retail, Internet, AI, and technology conglomerate founded in 1999. Alibaba provides different services in different countries.
Alibaba recently announced that he is acquiring Daraz.pk to enter in Pakistan e-commerce to provide better services and products at discounted prices. Already Daraz.pk is providing its services from 2012 and it is largest and fastest growing e-commerce Store in Pakistan.
Alibaba officials announced on Tuesday that they investing $150 to $200 million for acquiring Daraz group to start it’s official services in Pakistan. The officials said this would be the second investment in online space in a row, which would develop the local e-commerce market and attract other foreign investors in the country, which is witnessing growth in e-commerce.
German tech incubator Rocket Internet said Alibaba Group acquired the entire share capital of South Asian e-commerce platform Daraz Group for an undisclosed amount.
Javid spokesperson of Daraz group said the group head office would remain in Pakistan. Alibaba would make investment according to its own standards and technology, he added.
Bjarke Mikkelsen, the co-chief executive officer of Daraz said the group has found its natural home in the Alibaba family with this transaction “and we are proud to carry our part of the mission to make it easy to do business anywhere”.
Daniel Zhang, the chief executive officer of Alibaba Group, said the company is excited for Daraz to become a part of the Alibaba ecosystem, “Together with Daraz, we can now empower entrepreneurs to better serve consumers in the region through our technology and expertise,” Zhang said
“In Daraz, we found a great team that espouses our values and believes that a technology-enabled commerce ecosystem will play a critical role in driving the long-term economic development in South Asia.”