Kathmandu, May 8
Chinese e-commerce giant Alibaba has ‘entered’ Nepal and four other South Asian countries by acquiring a Pakistan-based company operating in the sub-continent.
According to reports, Alibaba Group has bought the entire share capital of Rocket Internet’s Daraz Group, Rocket Internet. The financial details are, however, under the wraps.
Daraz, founded in 2012, has its presence in online marketplaces in Pakistan, Bangladesh, Myanmar, Sri Lanka and Nepal. Rocket says that Daraz will continue to operate under the same brand following the sale.
“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% of which are under the age of 35,” said Rocket Internet in a statement.
Chief Executive Officer (CEO) Alibaba Group Daniel Zhang said the acquisition will empower entrepreneurs to better serve consumers in the region.
Daraz entered Nepal as ‘Kaymu’ in 2014 and was later re-branded as Daraz in August 2017.