Alibaba Group has acquired Daraz, its second purchase for a Rocket Internet company following the earlier deal for Lazada in Southeast Asia.
Founded in Pakistan in 2012, Daraz has since grown into the country’s most popular online shopping platform. It operates online marketplaces in Bangladesh, Myanmar, Nepal, and Sri Lanka.
Daraz will continue to operate under the same brand following the transaction.
“Leading technology and a strong logistics network have helped creating one of the fastest growing companies in the region. The acquisition by Alibaba is a tremendous success for the entire team working at Daraz,” said Oliver Samwer, CEO of Rocket Internet.