In a consequential move for South Asia’s overall ecommerce ecosystem, Chinese internet giant Alibaba has acquired Rocket Internet’s Daraz Group. Rocket said in a statement that Alibaba has acquired the entire Daraz business. The parties have not disclosed details of the deal.
Daraz has operations in Pakistan, Myanmar, Bangladesh, Sri Lanka and Nepal. This move is likely to change the ecommerce landscape in these countries.
With this deal, Alibaba becomes a regular buyer for Rocket companies. The deal is the second between Alibaba and Rocket. Previously, Alibaba has bought Rocket’s Lazada two years ago that operates in Southeast Asian markets.
Daraz was founded in 2012 by Rocket Internet. The company started its operation in Bangladesh in 2015.
Alibaba has been investing in a rapid expansion in South Asia. IIt has invested heavily in Indian markets in companies like Paytm. Recently, it has also bought a 20% stake at bKash, Dhaka-based MFS company. Daraz will be the second company operating in Bangladesh in which Alibaba has ownership.