Alibaba buys Pakistani online retailer Daraz
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Alibaba has bought Pakistani e-commerce firm Daraz, as the Chinese tech giant looks to increase its presence in South Asia.
Financial details of the transaction, which was announced on Tuesday, were undisclosed.
Daraz, founded in 2012, is backed by European tech incubator Rocket Internet. It operates in Bangladesh, Myanmar, Sri Lanka and Nepal as well as Pakistan.
The deal marks another foray for billionaire entrepreneur Jack Ma’s Alibaba into the South Asian market. The e-commerce titan invested in India’s popular payment app Paytm in 2015.
“Together with Daraz, we can now empower entrepreneurs to better serve consumers in the region through our technology and expertise,” Alibaba CEO Daniel Zhang said in a statement Tuesday.
Daraz will continue to operate under the same brand, Rocket Internet said in a statement.
Questions & Answers
Q.What is the primary reason Alibaba acquired Daraz?
What is the primary reason Alibaba acquired Daraz?
Alibaba acquired Daraz to increase its presence in South Asia, marking another foray into this market for the Chinese tech giant.
Q.Which countries does Daraz operate in?
Which countries does Daraz operate in?
Daraz operates in Bangladesh, Myanmar, Sri Lanka, Nepal, and Pakistan, providing e-commerce services across these South Asian nations.
Q.Will Daraz change its branding after the acquisition?
Will Daraz change its branding after the acquisition?
No, Daraz will continue to operate under its existing brand, as stated by its former backer, Rocket Internet.
Q.When was Daraz originally founded?
When was Daraz originally founded?
Daraz was founded in 2012 and was previously backed by the European tech incubator Rocket Internet.
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