Pakistan by Nozair Hanif Mirza | Published
Bjarke Mikkelsen, Co-CEO, Daraz said, "With this transaction Daraz has found its natural home in the Alibaba family, and we are proud to carry our part of the mission to "make it easy to do business anywhere".
The acquisitions include Daraz operations in Pakistan, Nepal, Sri Lanka, and Myanmar.
Financial details were not disclosed on the deal, which will see Jack Ma's Alibaba take control of the online retailer.
Alibaba has expanded its e-commerce operations into South Asia after their acquisition of Daraz.pk in an undisclosed deal.
"Alibaba's arrival proves that Bangladesh's e-commerce market has huge potential", said Razib Ahmed, the immediate past president of e-CAB.
Massive sinkhole opens on New Zealand dairy farm
A farm hand that was driving a motorcycle at dawn was the one to discover this sinkhole by nearly falling into it. GNS Science volcanologist Brad Scott told Newshub the sinkhole was three times larger than any he'd seen before.
Spieth to give Players' Championship respect it deserves
Open, which will be hosted this June by Shinnecock Hills Golf Club on Long Island in NY . ". The patience side I seemed to display at Augusta is, 'OK, I'm out of position".
DeWine, Cordray up in latest poll for OH governor's race
He attacked Cordray as an "establishment Democrat" willing to compromise his principles to special interests. The latest poll shows the Republican and Democratic frontrunners leading big heading into the primary.
Spokesperson of Daraz Group Saman Javed said the group head office would remain in Pakistan.
Umair Mohsin, a program manager at the state-funded National Incubation Centre said the entry of Chinese group is a good omen for Pakistan's technology ecosystem. '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, ' said Daraz Co-CEO Jonathan Doerr. The five markets in which Daraz operates have a combined population of around 460 million.
Alibaba acquires the entire share capital of Rocket Internet's Daraz.PK Business. "With a young population, high mobile penetration and just 3% of the region's retail sales now conducted online, we feel very confident to double down on Southeast Asia", said Lucy Peng, one of Alibaba's founders, in a statement regarding the move.
"It will continue to operate under the same brand following the transaction", Daraz said in a statement on Tuesday.
Daraz was founded in 2012.
Recommended News
-
09 May 2018"It's Ridiculous to claim women's clothes for a rape": Nirmala Sitharaman
Sitharaman also assured naval commanders that the defence ministry is focussing on these issues and is implementing measures to mitigate the problems.
09 May 2018Jordan Peele Is Recruiting An All-Star Team For His Next Film, Us
Peele is producing U.S. via his Monkeypaw Productions with Ian Cooper alongside Sean McKittrick and Jason Blum. Universal Pictures has dated "Us" for release on March 15, 2019.Oil prices fall as market awaits Trump decision on Iran
A boom in production in the United States has helped offset some of the tightening in supply in recent months. That far outstrips the 2.6 percent year-over-year growth in average hourly earnings through April. -
09 May 2018West Brom players want Darren Moore to stay
West Brom's interim boss Darren Moore has been named English Premier League Manager of the Month for April. West Bromwich Albion caretaker manager Darren Moore wins April's Premier League Manager of the Month award.
09 May 2018Soldier FaceTimes daughter's birth after flight delay
It was going to be a close call, but his flight was delayed several hours. The image has been shared on Facebook more than 100,000 times.
09 May 2018Adam Warlock Won't Be in Avengers 4, Confirm Directors
The only difference now is that players will have the chance to wield the Infinity Gauntlet from the movie. But he wouldn't rule out more Avengers movies down the road. -
09 May 2018Sky Sports pundit Paul Merson reveals latest Premier League predictions
The Swans host Southampton tomorrow in a clash which could decide which league both clubs will play their football next season. Earlier this season, the Blues claimed a 3-1 win over their opponents in the reverse fixture at the John Smith's Stadium.
09 May 2018Bill Cosby's Kennedy Center Honor, Mark Twain Award Rescinded
The Kennedy Center says it is rescinding Cosby's 1338 Kennedy Center Honor and its 2009 Mark Twain Prize for American Humor. Temple, Johns Hopkins University and Carnegie Mellon University have also rescinded honorary degrees .
09 May 2018Jazz's Donovan Mitchell helped off court in Houston
Jazz rookie Donovan Mitchell drives around Rockets forward Trevor Ariza in Game 5 of the West semis series won by Houston . The point guard has been panned for failing to get past the second round in his nine previous trips to the postseason. -
09 May 2018
Malaysian police probe opposition leaders under fake news law
He has also labelled Mahathir a "dictator", and the former leader was considered authoritarian during his time in office. Dr Mahathir is now leading a coalition of opposition parties to try and unseat the ruling Barisan National government.
09 May 2018Russian Federation fined for racist chants during France match
On Tuesday, FIFA confirmed there would be a hefty financial sanction imposed on the Russian Football Union. Petersburg was the showpiece venue of the 2017 Confederations Cup warm-up tournament.
09 May 2018Jared Kushner is 'disposable' in the Mueller investigation
Giuliani also predicted that "the whole country will turn on", Mueller if the special counsel went after the president's daughter. Giuliani praised Kushner as "a fine man" but added 'you know that, but men are disposable.
