Daraz Group, a leading e-commerce company in Sri Lanka, Pakistan, Bangladesh, Myanmar and Nepal announced today that the company was fully acquired by Alibaba to become a member of Alibaba Group.
With the acquisition, Daraz will be able to leverage Alibaba’s leadership and experience in technology, online commerce, mobile payment and logistics to drive further growth in the five South Asian markets which have a combined population of over 460 million, 60% of which are under the age of 35.
Bjarke Mikkelsen, Co-CEO, Daraz said, “With this transaction Daraz has found its natural home in the Alibaba family, 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.” .
Jonathan Doerr, Co-CEO, Daraz added, “Together with Alibaba, we are ready to empower entrepreneurs in the region and to fulfill our promise to offer our customers the best selection of products with a high level of convenience. All of this would be supported by a best-in-class technology platform, a strong logistics network, and a vibrant community of ecosystem participants.”
Daniel Zhang, CEO of Alibaba Group, said, “We are 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.”