Chinese E-comm Giant Alibaba Seals the Deal with Daraz.pk
Daraz.pk, one of the most prominent e-commerce platforms has contributed greatly in carving out the local e-commerce market. Rocket Internet backed e-commerce aggregator, boasts of a wide array of products, ranging from electronic devices and gadgets to clothing and household items, it is considered to be one of the best available options in all of Pakistan and a true testament to the success of e-commerce in Pakistan. In very recent news, online retail giant Alibaba has bought Daraz.pk for $150 million.
Considering the mammoth success of Daraz.pk as a whole, the online community was anticipating the news of this buy-out. Especially since the Alibaba Group had been frequently visiting Pakistan looking at investment opportunities, with a keen eye on the buzzing e-commerce industry of Pakistan.
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The Chinese online retailer is the world’s sixth-largest internet company by virtue of its revenue and currently has a net worth of around $380 billion. Alibaba quite recently have signed an MoU with the ministry of Science and Technology regarding the acquisition of Daraz. As per the investment of Alibaba, the current investment stands at a total of $120 million and the expected total is supposed to reach at $400 million after the acquisition is final.
Jack Ma, Chief Executive of Alibaba, has gone on to show interest in the Pakistani market and in particular kept a keen eye on Pakistan’s online market. Jack Ma has also gone to meet several Pakistani representatives and authorizes in countless international conferences such as those of the World Economic Forum and has stressed on how the Pakistani market is promising for investment and guarantees further investment in the so called booming online market of Pakistan.
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As the growth of e-commerce in the country has been growing at an exponential rate, it is a clear indicator of how this surge in e-commerce have propelled websites and online retailers such as Daraz to become more successful. This also promotes further investment in the sector and is indicator for what is to become of the e-commerce market in Pakistan.