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Tag: Daraz

  • Alibaba buys Pakistani online retailer Daraz

    Alibaba buys Pakistani online retailer Daraz

    Alibaba has bought Pakistani e-commerce firm Daraz, as the Chinese tech giant looks to increase its presence in South Asia.

    Financial details of the transaction, which was announced on Tuesday, were undisclosed.

    Daraz, founded in 2012, is backed by European tech incubator Rocket Internet. It operates in Bangladesh, Myanmar, Sri Lanka and Nepal as well as Pakistan.

    The deal marks another foray for billionaire entrepreneur Jack Ma’s Alibaba into the South Asian market. The e-commerce titan invested in India’s popular payment app Paytm in 2015.

    “Together with Daraz, we can now empower entrepreneurs to better serve consumers in the region through our technology and expertise,” Alibaba CEO Daniel Zhang said in a statement Tuesday.

    Daraz will continue to operate under the same brand, Rocket Internet said in a statement.

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  • Alibaba Eats up Daraz

    Alibaba Eats up Daraz

    Alibaba Group has acquired south Asian e-commerce platform Daraz for an undisclosed sum.

    This will make Daraz Group’s platform a wholly owned unit of the Chinese e-commerce provider, which also runs the Taobao and Tmall platforms.

    “Together with Daraz, we can empower entrepreneurs to better serve consumers in the region through our technology and expertise,” says Alibaba CEO Daniel Zhang.

    Founded in 2012, Darez has grown throughout Pakistan, Bangladesh, Sri Lanka, Myanmar and Nepal. It has 30,000 sellers and 500 brands on its platform, with 2 million products available to its 5 million customers. Its product offerings range across consumer electronics, household goods, beauty, fashion, sports equipment and groceries. It also offers multiple payment options, including COD.

    Daraz Co-CEO Jonathan Doerr says its acquisition by Alibaba will help drive further growth in its key markets, home to 460 million people, 60 per of which are 35 years and younger.

    Daraz will continue to run under its brand name after the transaction.

  • Online retailer Daraz raises $55 M

    Online retailer Daraz raises $55 M

    Online retailer Daraz, which has presence in Pakistan Daraz.pk, Bangladesh Daraz.bd and Myanmar shop.com.mm, has secured EUR50 million ($55 million) in its first major financing round. 

    The investment comes from the CDC Group, the UK Government’s Development Finance Institution (DFI) focused on supporting and developing businesses in Africa and South Asia – as well as Daraz’s existing investor Asia-Pacific Internet Group (APACIG).

    Founded in Pakistan in 2012 as an online fashion business, it has since then has expanded its business model to a general marketplace for quality brands within electronics, home appliances, fashion and many other categories.

    The company said the funding will be used to continue to grow the business in existing markets and for expansion into other frontier markets in Asia.

    “Taking the e-commerce business model into these exciting markets is a fascinating journey. Although internet penetration is still relatively low, the market is developing fast and its potential is immense,” said Bjarke Mikkelsen, CEO of Daraz. “By making Daraz a success, we are not only building a great business but also creating jobs and infrastructure in the countries we operate in – that’s what makes it so exciting”.

    Daraz is part of APACIG, a joint venture between German internet platform Rocket Internet and Qatari telecommunications provider Ooredoo which began its operations in the region early in 2014.

    Today, it is one of the fastest growing internet platforms in the  region, currently 14 e-commerce companies in 15 countries.

    Hanno Stegmann, CEO of APACIG, said Daraz is one of the most promising companies in their portfolio.

    Last month, it  announced today an ambitious plan to launch one new startup company every three months, which it says is part of the strategy to build one of the largest Internet platforms in the APAC region.

    The first company to be launched as part of the  strategy will be online beauty marketplace Vaniday, starting in Australia. The marketplace offers curated selection of offers and can book treatments such as massages, hair appointments and manicures.

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  • Daraz targets frontier Asian markets

    Daraz targets frontier Asian markets

    Online retailer Daraz is investing $56 million into creating beachheads on so-called ‘frontier markets’ in Asia: Myanmar, Pakistan and Bangladesh.

    Daraz is the leader in online retail in all three markets, selling apparel, accessories, shoes and beauty products for men and women, as well as a wide variety of electronics and general merchandise.

    The company is part of the Rocket Internet group which also owns Zalora and Foodpanda.

    It is planning a ‘mega sale’ on November 27, something like Amazon’s Black Friday in the US, offering a slew of special deals in the three Asian nations.

    Bangladesh, where it is putting most of its focus currently, will get the majority of the marketing spend, where it is partnering with local apparel brands such as Bata, Yellow and Ecstasy, as well as tech partners.

    Daraz Bangladesh chairman Sumeet Singh says the local site is attracting around 2 million visitors a month.

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