KARACHI: Chinese ecommerce giant Alibaba acquired Pakistan-based leading online retailer Daraz Group for an estimated $150 to $200 million a couple of months after it announced a multibillion rupees investment in acquisition of 45 percent stake in a local financial service, industry officials said on Tuesday.
The officials said this would be a second investment in online space in a row, which would develop the local ecommerce market and attract other foreign investors in the country, which is witnessing growth in ecommerce.
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Berlin-based tech incubator Rocket Internet said Alibaba Group acquired the entire share capital of South Asian ecommerce platform Daraz Group for an undisclosed amount. Daraz also operates online marketplaces in Bangladesh, Myanmar, Sri Lanka and Nepal. It was founded in 2012 in Pakistan, and has since grown into the most popular online shopping destination in the country.
Spokesperson of Daraz Group Saman Javed said the group head office would remain in Pakistan. Alibaba would make investment according to its own standards and technology, Javed added.
Bjarke Mikkelsen, 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”.
“With hard work and dedication we have started the e-commerce journey in our markets, but we have still only scratched the surface of the potential,” Mikkelsen added.
