Daraz

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Daraz
Private
Industrye-Commerce
Founded2012; 7 years ago (2012)
FounderAlibaba Group
Area served
Bangladesh, Mayanmar, Nepal, Pakistan, Sri Lanka
ProductsMarketplace, Retailer
Parentalibaba Group
Websitedaraz.com

Daraz is a Chinese-owned online marketplace and logistics company which operates in South Asian markets.

It was founded in 2012 by a German venture capital company, Rocket Internet. Daraz Group operates e-commerce platforms and logistics services in Pakistan, Bangladesh, Nepal, Sri Lanka, and Myanmar.

In May 2018, Daraz Group was acquired by the Chinese e-commerce company Alibaba Group.[1][2]

History[edit]

Daraz was founded as a fashion retailer in Pakistan in 2012, but changed to a general marketplace strategy and business model in 2015 when it also launched operations in Bangladesh and Myanmar. [3][4]

In September 2015, Daraz secured EUR50 million in its Series B funding in order to expand operations in Pakistan, Bangladesh and Myanmar. CDC Group, a state-owned Development Finance Institution (DFI) in the UK[5], invested €20 million alongside a €30 million investment from Daraz existing majority shareholder, Asia Internet Holdings.[6][7]

In July 2016, Daraz Group acquired Kaymu, a consumer-to-consumer online marketplace in South Asia, and with the acquisition began operations in Sri Lanka and Nepal. [8][9][10]

In May 2018, Daraz Group announced that it had been acquired by Alibaba Group for an undisclosed amount. This move comes about two years after Alibaba's acquisition of Lazada Group, which was also a startup by Rocket Internet Group in South East Asian market. Alibaba Group also runs Singapore's Redmart and owns stakes in India's Paytm and Indonesia's Tokopedia.[11][12][13] Daraz Group's five markets (Pakistan, Bangladesh, Nepal, Myanmar, & Sri Lanka) cover more than 460 million people of which 60% are under the age of 35. In order to digitalise the logistics ecosystem and to improve the delivery standards, Daraz has built its own logistics company, DEX, in all of its five markets.[14]

References[edit]

  1. ^ Browne, Ryan (8 May 2018). "Alibaba expands South Asia footprint, snapping up Pakistani online retailer Daraz".
  2. ^ "Subscribe to read". Financial Times.
  3. ^ Abudheen, Sainul. "Rocket's Daraz a hit not just in Pakistan, but in Bangladesh and Myanmar too". e27. Retrieved 9 October 2015.
  4. ^ Asia, Digital News (27 January 2015). "Rocket Internet's APACIG launches e-commerce site in Myanmar, Bangladesh". Digital News Asia. Retrieved 2 January 2015.
  5. ^ Editors, RetailTech Innovation. "Online retailer Daraz raises $55 M". Enterprise Innovation. Archived from the original on 7 October 2015. Retrieved 5 October 2015.
  6. ^ Release, Press (24 September 2015). "Daraz, an online retailer, has secured $55M in Funding – Tech Prolonged". Tech Prolonged. Retrieved 24 September 2015.
  7. ^ Lunden, Ingrid. "UK Gov't Leads $56M Round For Daraz, Rocket's Amazon Clone In Pakistan, Bangladesh And Myanmar". TechCrunch. Retrieved 22 September 2015.
  8. ^ S. Noda III, Tomas (28 June 2016). "Rocket Internet merges Asia e-commerce startups Daraz, Kaymu - DealStreetAsia". DealStreetAsia. Retrieved 26 June 2016.
  9. ^ "Daraz and Kaymu set to join hands". HIP. 26 June 2016. Retrieved 28 June 2016.
  10. ^ Husain, Osman. "Tech in Asia - Connecting Asia's startup ecosystem". TechinAsia.com. Retrieved 24 June 2016.
  11. ^ Russell, Jon. "Alibaba buys Rocket Internet's Daraz to expand its e-commerce empire into South Asia". TechCrunch. Retrieved 8 May 2018.
  12. ^ Editorial, Reuters. "Alibaba buys Rocket Internet's Pakistan ecommerce platform Daraz". Reuters. Retrieved 8 May 2018.
  13. ^ Release, Press. "Daraz Group Joins the Alibaba Ecosystem". www.daraz.com. Retrieved 8 May 2018.
  14. ^ "Daraz announces its mission to 'make it easy to do business anywhere in era of digital economy'". The Frontier Post. 2019-03-30. Retrieved 2019-05-20.

External link[edit]