Chinese e-commerce and tech giant Alibaba has announced the acquisition of Daraz Group, the digital platform of Rocket Internet, at an undisclosed amount.
“The acquisition by Alibaba is a tremendous success for the entire team working at Daraz,” said Oliver Samwer, CEO of Rocket Internet, which invests in online companies, adding that it would continue to function under the same brand ‘Daraz’.
The e-commerce platform came into existence in 2012 and operates in Bangladesh, Myanmar, Sri Lanka and Nepal as well, apart from Pakistan.
The acquisition of Daraz by Jack Ma’s company has paved its way for expansion in South Asia. Before Daraz, Alibaba made an investment in payment app Paytm in India in 2015.
Alibaba CEO Daniel Zhang feels that Daraz and Alibaba will together help entrepreneurs to serve consumers in the region in a better way.
“The acquisition deal is a good news for the country. Such pacts would positively impact country and the e-commerce segment,” reportedly said Pakistan Software Houses Association Secretary-General Shehryar Hydri.
It is also being reported that Alibaba may go for setting up warehouses and make investment in transportation to establish itself as a major player in Pakistan.
Alibaba-Daraz acquisition coincides with similar Wlamart-Flipkart deal in India. American retail mammoth has bought 60 per cent stake at around US $ 20 billion alongside Google’s parent Alphabet that will take up 15 per cent share in the e-retailer.
