E-commerce giant Alibaba is said to be expanding its foothold in the Pakistan through the purchase of online retailer Daraz.
Daraz, which was founded in 2012 by Rocket Internet, sells goods from beauty to electronics and consolidates Alibaba’s development in South Asia through its operations in Pakistan, Bangladesh, Myanmar, Sri Lanka and Nepal.
While financial deals were not disclosed, rumors of the acquisition have been rife for months, with Alibaba’s international expansion keeping a strong pace of late. The company also brought another Rocket Internet company, Lazada in Southeast Asia two years ago, having also focused on India by backing Paytm.
The Daraz acquisition increases Alibaba’s presence in Pakistan, which has a population of over 190 million. Meanwhile back in March Alibaba affiliate Ant Financial acquired a 45 percent stake in Telenor Microfinance Bank for $184.5 million. The company is a fintech division from Norwegian operator Telenor – which operates Pakistan’s second largest telco – and indicates Alibaba Ant’s regular move of purchasing both e-commerce and fintech.