AliBaba buys Daraz thanks to CPEC

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Alibaba Gets Hold of Daraz
HANGZHOU, March 21, 2016-- People walk past a logo of China's e-commerce giant Alibaba in Hangzhou, capital of east China's Zhejiang Province, March 21, 2016. Alibaba China retail marketplaces real-time gross merchandize value in fiscal year 2016 reached three trillion RMB at 2:58 p.m. on March 21, 2016. This means Alibaba Group, China's leading e-commerce company, might exceed Wal-Mart and become the world's biggest retail platform in fiscal year 2016, according to analysis. (Xinhua/Wang Dingchang via Getty Images)

A leading e-commerce company in Pakistan, Bangladesh, Sri Lanka, Myanmar and Nepal i.e Daraz has announced that Alibaba has acquired it fully to make it a part of the Alibaba group. Under Alibaba’s leadership and experience in technology, online commerce, mobile payment and logistics, Daraz will be able to drive further growth in the South Asian market which has a combined population of over 460 million, 60% of which are young people under the age of 35.

Founded in 2012, Daraz.pk has grown into the most popular destination for online shopping in Pakistan. Today, the company operates online marketplaces in Bangladesh, Myanmar, Sri Lanka and Nepal. Daraz will continue to operate under the same brand following the transaction.

According to the Co-CEO of Daraz, Bjarke Mikkelsen, they are ready to empower entrepreneurs in the region and offer their customers the best selection of products with a high level of convenience in collaboration with Alibaba. The eCommerce platform would be supported by the best-in-class technology, a vibrant community of ecosystem participants and a strong logistics network.

Daniel Zhang, the CEO of Alibaba Group also seems excited. He says that the whole group is very happy for Daraz to become a part of the Alibaba ecosystem. Together with Daraz, they will now work to empower entrepreneurs to better serve consumers in the region through their technology and expertise. Praising the team at Daraz, Zhang said that he has found a great team that espouses their values and believes that a technology-enabled commerce ecosystem will play a critical role in driving the long-term economic development in South Asia. Apart from Pakistan, it looks like Alibaba is also eying Bangladesh’s market, which has a population over 160 million and rising internet adoption. This could one of Alibaba’s upcoming ventures.

We wish both groups the best of luck and hope they’ll bring a dynamic change in South Asia’s eCommerce economy especially in the business sector Pakistan.

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