Alibaba acquires Pakistani e-commerce firm, Daraz

The Chinese conglomerate, Alibaba, has announced its acquisition of Pakistani e-commerce firm Daraz.

The Pakistani company also has operations in Bangladesh, Myanmar, Sri Lanka, and Nepal.

The deal, worth an undisclosed amount, sees Alibaba’s aims to expand across South Asia.

The company has purchased Daraz from its owner and founder, Rocket Internet – the German online startup supporter.

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“Together with Daraz, we can now empower entrepreneurs to better serve consumers in the region through our technology and expertise,” remarked Daniel Zhang, Alibaba’s CEO, CNBC reported.

Recently, Alibaba invested finances in Paytm, the Indian online payment company, along with Softbank.

Last month, the conglomerate purchased a 45% stake in Telenor Microfinance Bank, an online payment firm based in Pakistan, costing $184.5mn.