Alibaba buys Rocket Web’s Daraz to develop its e-commerce empire into South Asia – TechCrunch

Fundings and Exits

Alibaba has expanded its e-commerce empire into South Asia after the Chinese language web big acquired Daraz in an undisclosed deal.

Daraz was based in 2012 by Rocket Web and right now it operates in Pakistan in addition to Bangladesh, Myanmar, Sri Lanka and Nepal. Rocket mentioned in an announcement that Alibaba has acquired your complete Daraz enterprise. The deal is the second time Alibaba has purchased a Rocket firm, the primary being Lazada in Southeast Asia two years in the past.

An Alibaba spokesperson confirmed the deal however the firm hasn’t made an official announcement.

Rumors of a deal have been rife for the previous couple of months, with Bloomberg reporting in March that acquisition talks have been ongoing.

The deal is a part of Alibaba’s second wave of worldwide expansions which see it enter South Asia.

The corporate initially centered on India — the place it has backed Paytm — and Southeast Asia with Lazada, however this 12 months it has unfold its wings into decrease profile however vastly populous international locations in South Asia. Pakistan, for instance, has a inhabitants of over 190 million. The acquisition of Daraz follows a fintech funding from Alibaba affiliate Ant Monetary, which runs Alipay and different Alibaba monetary companies.

Again in March, Ant paid $184.5 million for a 45 p.c stake in Telenor Microfinance Financial institution, a fintech division from Norwegian operator Telenor, which operates Pakistan’s second largest telco. That one-two punch of e-commerce and fintech (significantly funds) is a typical transfer from Alibaba-Ant, which has made comparable offers in India and throughout Southeast Asia.

Past Pakistan, it seems to be like Alibaba can be eying close by Bangladesh, which has a inhabitants of over 160 million and rising web adoption.

In keeping with reviews final month, the Chinese language agency is pushing to purchase a 20 p.c chunk of cost agency bKash, a transfer that might once more push its attain deeper into South Asia.

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