China’s Alibaba group has bought Rocket Internet’s South Asian e-commerce platform Daraz, confirmed Rocket Internet on Tuesday.
Daraz is a popular e-commerce website that sells everything from items related to fashion to electronics. Daraz sales have over the years become popular with Pakistanis so much so that items have sold out within hours.
The deal signifies Jack Ma’s ambitions of reaching out into Pakistan. The financial details have not yet been disclosed.
Daraz is not only active in Pakistan but also in countries such as Myanmar, Sri Lanka, Nepal and Bangladesh.
This comes a couple of months after Ant Financial, controlled by Ma, bought a 45% stake in Telenor Microfinance Bank for $184.5 million to develop mobile payments and digital financial services.