Ali Baba Acquired Pakistan's e-Commerce Giant Daraz.pk

Karachi (Routers) - Alibaba Group has bought the entire share capital of Rocket Internet's South Asian ecommerce platform Daraz Group, Daraz Ceo' Bjarke Mikelson & Jonathan Doer Announced on Tuesday Morning. It did not disclose financial details. Daraz, founded in Pakistan in 2012, operates online marketplaces in Pakistan, Bangladesh, Myanmar, Sri Lanka and Nepal. The unit will continue to operate under the same brand following the sale to Alibaba, Rocket said. Rumors of a deal have been rife for the past couple of months.The deal is part of Alibaba’s second wave of international expansions which see it enter South Asia. The company initially focused on India — where it has backed Paytm — and Southeast Asia...

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