Chinese online retailer giant Alibaba has bought the South Asian E-Commerce giant Daraz. Looks to tap in to the promising growth of E-commerce Industry of Pakistan and other South Asian states with this move. Alibaba, the world well-known online retailer, had recently signed MoU with ministry of Science & Technology of Pakistan.
Alibaba’s Chief Executive Jack Ma confirmed a exquisite interest in Pakistan’s online market when he met Pakistani authorities on the sidelines of global economic forum and vowed to invest within the booming industry of Pakistani online market.
Bjarke Mikkelsen, Co-CEO, Daraz said:
With this transaction 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.
Daraz is the biggest online shopping site in Pakistan, as well as providing online shopping destinations in Srilanka, Nepal and Bangladesh. Acquisition of Daraz provides Alibaba with well worked channels into the market and suppliers, along with an established base. Daraz also looks set to benefit from state of the art logistics and technology Alibaba’s possesses. It seemingly presents a win-win situation for all the parties involved; with consumers looking to benefit from this transaction.