Online retail group Alibaba has acquired the entire stake in Pakistan-based e-commerce platform Daraz Group from Rocket Internet for an undisclosed amount.

Established in 2012, Daraz operates online marketplaces in Pakistan, Bangladesh, Myanmar, Sri Lanka and Nepal. The platform offers two million products under 500 brands from 30,000 sellers, and serves five million customers.

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Products offered by the company in various categories include consumer electronics, household goods, beauty, fashion, sports equipment and groceries.

"The sale of Daraz to Alibaba is another testament to Rocket Internet´s ability to successfully scale and exit market-leading companies."

Rocket Internet CEO Oliver Samwer said: “The sale of Daraz to Alibaba is another testament to Rocket Internet´s ability to successfully scale and exit market-leading companies.

“Leading technology and a strong logistics network have helped creating one of the fastest growing companies in the region. The acquisition by Alibaba is a tremendous success for the entire team working at Daraz.”

Following the transaction, Daraz will continue to operate under the same brand and will become a member of the Alibaba Group.

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The deal enables the Pakistani retail company to utilise Alibaba’s leadership and experience in technology, online commerce, mobile payment and logistics to strengthen its brand presence in the five South Asian markets, which have a combined population of over 460 million, 60% of which are under the age of 35.

Alibaba Group CEO Daniel Zhang 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.”