Home-grown venture Daraz raises 50 Million Dollars
Pakistani e-commerce venture, Daraz, with international footing in emerging markets has raised 55 Million dollars to expand its operations in international destinations. This is Daraz’s first-ever funding round and it has been led by Asia Pacific Internet Group and UK government’s CDC Group focused on helping businesses in emerging markets.
“Although internet penetration is still relatively low, the market is developing fast and its potential is immense,” says Bjarke Mikkelsen, CEO of Daraz, in today’s statement to TechinAsia.
The funding will be targeted to expand the e-commerce business more into local market and exploring further. e-commerce potential in countries across Asia. Daraz is currently operating in premature e-commerce markets of Pakistan, Bangladesh and Myanmar in Asia.
Muneeb Idrees Maayr and Farees Shah, Founders of Daraz, started the venture in 2012 as a Fashion Store which was later scaled to include a wide range of items. In 2014, Daraz went international by opening its stores in Myanmar and Bangladesh.
E-commerce is picking up in Pakistan at a fast pace. Recently, TCS has been rebranded as Yayvo.com. TechJuice has also covered Clikky.com. a new yet strong entrant in the local e-commerce market. In addition, there are several other new e-commerce players with niche target markets that are bringing consumers online.