FRANKFURT: China’s biggest e-commerce company Alibaba Group holding limited has bought the entire share of Daraz.pk, the Pakistani online retail subsidiary of Germany-based Rocket Internet, sources stated on Tuesday.
Daraz.pk operates online marketplaces in Pakistan, Bangladesh, Myanmar, Sri Lanka and Nepal. It was founded in 2012 in Pakistan. Daraz will continue to operate under the same brand following its sale to Alibaba, Rocket said.
CEO of Rocket Internet, Oliver Samwer stated, “The sale of Daraz to Alibaba is another testament to Rocket Internet’s ability to successfully scale and exit market-leading companies.”
“The acquisition by Alibaba is a tremendous success for the entire team working at Daraz,” he added in the press release.
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