China's biggest e-commerce company, Alibaba Group, broke into the Pakistani market on Tuesday by fully acquiring the Daraz 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," said a press release issued by Daraz.

Founded in Pakistan in 2012, Daraz has since expanded in Bangladesh, Myanmar, Sri Lanka and Nepal. It will continue to operate under the same brand, said the press release.

Hailing the move, Daraz Co-CEOs Bjarke Mikkelsen and Jonathan Doerr said that there is still a long way to go on the e-commerce journey. "We have still only scratched the surface of the potential," they said.

Daniel Zhang, CEO of Alibaba Group, said: "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."

The Alibaba group has been for some time trying to enter the Pakistani market. Last year, it signed a memorandum of understanding (MoU) with the Ministry of Commerce and had been in talks with Daraz since at least earlier this year.

Opinion

Chained to the rivers
Updated 18 Jan 2021

Chained to the rivers

There are many state actors who must shoulder the blame for their present condition.
Brave new world
18 Jan 2021

Brave new world

Covid-19 is bringing about a reassessment of the role of markets.
The war comes home
18 Jan 2021

The war comes home

The Capitol riots included several former members of the US military.

Editorial

Updated 18 Jan 2021

More ignominy for PIA

Decades of mismanagement, nepotism and political opportunism were bound to take their toll.
18 Jan 2021

Agriculture woes

AGRICULTURE is the lifeline of Pakistan’s economy. It is a source of livelihood for two-thirds of the country’s...
18 Jan 2021

Internet access

AS the Covid-19 pandemic rages on, and shows few signs of dissipating, one of the many lessons policymakers should ...
Updated 17 Jan 2021

Foreign funding case

THE Election Commission of Pakistan has summoned both the PML-N and PPP on Monday in connection with the foreign...
17 Jan 2021

Vaccine procurement

ALL eyes are on the government as it pledges to roll out the Covid-19 vaccination programme to about 80m citizens by...
17 Jan 2021

Makli ‘renovation’

THERE are fears that the recently conducted ‘renovation’ work carried out at the Makli necropolis may rob the...