Alibaba has expanded its e-commerce empire into South Asia after the Chinese internet giant acquired Daraz in an undisclosed deal.
Alibaba, The Chinese tech giant led by Jack Ma was founded in 2012 by Rocket Internet and today it operates in Pakistan as well as Bangladesh, Myanmar, Sri Lanka and Nepal.
Alibaba has acquired the entire Daraz business said Rocket in an statement. The deal is the second time Alibaba has bought a Rocket company, the first being Lazada in Southeast Asia two years ago.
The company hasn’t made an official announcement about the deal but The spokesperson of Alibaba has confirmed the contract.
“The company initially focused on India — where it has backed Paytm — and Southeast Asia with Lazada, but this year it has spread its wings into lower profile but hugely populous countries in South Asia. Pakistan, for example, has a population of over 190 million. The acquisition of Daraz follows a fintech investment from Alibaba affiliate Ant Financial, which runs Alipay and other Alibaba financial services”, reports TechCrunch.