Breaking : Alibaba buys Daraz and its entire operations
Alibaba, The Chinese tech giant led by Jack Ma has bought the entire business of Daraz for an undisclosed amount from its parent Company Rocket Internet. With this deal, Alibaba has expanded its empire in South Asia.
Daraz, Previously Kaymu operates in major countries of South Asia like Nepal, Pakistan, Bangladesh, Srilanka and Myanmar. Speaking about this deal Alibaba’s CEO Daniel Zhang said, “Together with Daraz, we can now empower entrepreneurs to better serve consumers in the region through our technology and expertise.”
Co-CEO of Daraz also made a statement about the deal saying, “Together with Alibaba, we are ready to empower entrepreneurs in the region and to fulfill our promise to offer our customers the best selection of products with a high-level of convenience”
Alibaba was founded in 1999 in China and has a total asset amounting to over 114 billion US dollars. Whereas Daraz was founded in 2012 by its parent company Rocket Internet hailing from Germany. Daraz will continue to run under the same name after the acquisition.
So many interesting questions arise after this deal. Will we get Chinese goods at cheaper rates? Can they be bought directly through Daraz’s Local site? Will our hassle of buying goods directly from Alibaba and then having to take care of Customs and other headaches over? How will it affect the local e-commerce scene? The future of online Shopping seems to be exciting now in these countries. We will have to wait and see what Alibaba brings to Daraz.