KARACHI: Daraz Group, a leading e-commerce company in Pakistan, Bangladesh, Sri Lanka, Myanmar and Nepal, has announced that the company has been bought by the Chinese technology group Alibaba and will become a member of Alibaba Group.

The deal is the first acquisition in Pakistan by Alibaba group. It means that 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 that have a combined population of over 460 million, 60% under the age of 35.

Founded in 2012, Daraz has since grown into the popular online shopping outlet. Today, the company operates online marketplaces in Bangladesh, Myanmar, Sri Lanka and Nepal. Daraz will continue to operate under the same brand name after the sale.

Bjarke Mikkelsen, co-chief executive officer Daraz, said: “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.”

Dr. Jonathan Doerr, co-chief executive officer 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: “In Daraz, we found a great team that espouses our values and believes that a technology-enabled commerce ecosystem will play a critical role in driving the long term economic development in South Asia.”