Alibaba in talks to acquire Daraz
The rumors surrounding the acquisition of Pakistan’s biggest ecommerce store Daraz have once again started to get strong. As reported by Bloomberg, there is a talk going on between Alibaba and Daraz for a possible acquisition of the Daraz.pk. Neither Daraz nor Alibaba has confirmed or denied on this recent development.
If the acquisition happens, it will be one of the biggest acquisitions to come out of Pakistan. Which will also facilitate Alibaba’s entry in Pakistani market. Right now, Rocket Internet Venture, Daraz owns the biggest pie in the ecommerce segment of Pakistan.
The rumors surface hot on the heels of Alibaba’s subsidiary Ant Financial’s investment of $184.5 in Telenor Microfinance Bank for a stake of 45%. According to the terms of this partnership, Ant Financial will invest USD 184.5 m for a 45% stake in Telenor Microfinance Bank (“TMB”), a subsidiary of Telenor Group, to further develop TMB’s mobile payment and digital financial services.
Pakistan’s promising ecommerce market is showing spectacular growth and brands are investing heavily in ecommerce platforms. According to Adam Dawood, Head of Yayvo, an ecommerce store,
“Pakistan’s e-commerce sector will cross over $1 billion mark in the running fiscal year, two years before earlier suggested projections by the State Bank of Pakistan.”