Alibaba Group has bought the entire share capital of Rocket Internet’s South Asian e-commerce platform Daraz Group, Rocket Internet said on Tuesday (May 8).
Alibaba has expanded its e-commerce empire into South Asia after the Chinese internet giant acquired Daraz in an undisclosed deal.
Daraz, founded in Pakistan in 2012, operates online marketplaces in Pakistan, Bangladesh, Myanmar, Sri Lanka and Nepal.
Rocket said in a statement that Alibaba has acquired the entire Daraz business. The deal is the second time Alibaba has bought a Rocket company, the first being Lazada in Southeast Asia two years ago.
An Alibaba spokesperson confirmed the deal but the company hasn’t made an official announcement.
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.
It looks like Alibaba is also eying nearby Bangladesh, which has a population of over 160 million and rising internet adoption.
- Source: News agencies