Alibaba Group has bought the entire share capital of Rocket Internet’s South Asian ecommerce platform Daraz Group, Rocket Internet said on Tuesday.
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.
“The sale of Daraz to Alibaba is another testament to Rocket Internet’s ability to successfully scale and exit market-leading companies”, said Oliver Samwer, CEO of Rocket Internet.
“The acquisition by Alibaba is a tremendous success for the entire team working at Daraz,” he added in the press release.