Launched in 2012, Daraz is South Asia's online shopping and selling platform—present in Bangladesh, Pakistan, Sri Lanka, Myanmar and Nepal that has 30,000 sellers and 500 brands and serving five million consumers.
With the acquisition, Daraz will be able to leverage Alibaba’s leadership and experience in technology, online commerce, mobile payment and logistics to drive further growth in the five South Asian markets that have a combined population of over 460 million, 60 percent of which are under the age of 35.
“It will continue to operate under the same brand following the transaction,” Daraz said in a statement on Tuesday.
"We are excited for Daraz to become a part of the Alibaba ecosystem. Together with Daraz, we can now empower entrepreneurs to better serve consumers in the region through our technology and expertise,” said Daniel Zhang, CEO of Alibaba Group.
Financial details were not disclosed on the deal, which will see Jack Ma’s Alibaba take control of the online retailer.