Alibaba has expanded its ecommerce operations into South by acquiring ecommerce business Daraz in an undisclosed deal.
Founded by Rocked Internet in 2012 and operating in Pakistan and Bangladesh, Daraz is an important ecommerce platform in the region. By acquiring the entire Daraz business, Alibaba will expand its operations in South East Asia.
This is the second time Alibaba has bought a Rocket company, the first being Lazada in Southeast Asia in 2016.
Rumors of a deal have been rife for the past couple of months, with Bloomberg reporting in March that acquisition talks were ongoing.
The deal is part of Alibaba’s second wave of international expansions which see it enter South Asia.