Alibaba expands South Asia footprint, snapping up Pakistani online retailer Daraz

Alibaba expands South Asia footprint, snapping up Pakistani online retailer Daraz

Alibaba has bought Pakistani e-commerce firm Daraz, as the Chinese tech giant looks to increase its presence in South Asia. Financial details of the transaction, which was announced on Tuesday, were undisclosed. Daraz, founded in 2012, is backed by European tech incubator Rocket Internet. It operates in Bangladesh, Myanmar, Sri Lanka and Nepal as well as Pakistan. The deal marks another foray for billionaire entrepreneur Jack Ma’s Alibaba into the South Asian market. The e-commerce…

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