Daraz Group, a leading e-commerce company in Sri Lanka, Pakistan, Bangladesh, Myanmar and Nepal today announced that the company was fully acquired by Alibaba to become a member of Alibaba Group.

With the acquisition, Daraz will be able to leverage Alibaba’s leadership and experience in technology, online commerce, mobile payment and logistics to drive further growth in the five South Asian markets that have a combined population of over 460 million, 60% of which are under the age of 35.

Daraz group was founded in 2012 and has since grown into the most popular online shopping destination in the countries it operates in. Daraz will continue to operate under the same brand following the transaction.

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."

Launched in 2012, Daraz is South Asia's online shopping and selling destination of choice – present in Sri Lanka, Pakistan, Bangladesh, Myanmar, and Nepal. Supported by a wide range of tailored marketing, data, and service solutions, the pioneering ecommerce ecosystem in South Asia has 30,000 sellers and 500 brands, serving 5 million consumers.

With 2 million products available, Daraz offers a diverse assortment of products in categories ranging from consumer electronics to household goods, beauty, fashion, sports equipment, and groceries.

Focused on providing an excellent customer experience, it offers multiple payment methods including cash-on-delivery, comprehensive customer care and hassle-free returns. Daraz is now owned by Alibaba Group Holding Limited.