The rumors have now been put to rest of Alibaba taking over, as now the news is now official and confirmed!

Daraz, one of the leading e-commerce platforms in Pakistan, officially announced that the company has now been fully acquired by Alibaba, and will now become a member of Alibaba Group.

With this acquisition, Alibaba can now start its operations in Pakistan, a market which the group has been interested in investing for some time now. Their delegations have also made a couple of official trips to and from the capital to discuss how they can benefit from one of the fastest growing e-commerce markets in the world.

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’. With hard work and dedication we have started the e-commerce journey in our markets, but we have still only scratched the surface of the potential.”

Dr. Jonathan Doerr, Co-CEO, Daraz added,

“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. All of this would be supported by a best-in-class technology platform, a strong logistics network, and a vibrant community of ecosystem participants.”

Daniel Zhang, CEO of Alibaba Group, said,

“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. In Daraz, we found a great team that espouses our values and believes that a technology-enabled commerce ecosystem will play a critical role in driving the long term economic development in South Asia.”