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About Daraz Group
In addition to e-commerce, shipping, payment infrastructure, and financial services, Daraz Group is an international technology firm with an emphasis on finance. After a shift in its business approach, it was founded in 2011 with the support of Rocket Internet and initially launched in Pakistan as an online fashion store. It later expanded to Bangladesh, Sri Lanka, Nepal, and Myanmar as the Daraz Group. The Daraz Group was acquired by the Chinese e-commerce company Alibaba Group in May of this past year.
History of Daraz
Muneeb Maayr and Farees Shah launched Daraz in 2012 as an online fashion retailer in Pakistan. Since then, the company has expanded to other countries. Daraz’s initial funding came from Rocket Internet, and the company was concentrated on the fashion industry. However, in 2015, the company changed its focus to become a general e-commerce marketplace.
The Daraz Group was established in 2015 to serve as the holding company for Daraz’s operations in Pakistan, Bangladesh, and Myanmar, among other countries. Kaymu, a consumer-to-consumer internet marketplace in South Asia, was acquired by Daraz in July of that year. It commenced operations in Nepal and Sri Lanka after completing this acquisition.
Daraz received €50 million in Series B funding in September 2015, which will be used to assist the expansion of its operations across its markets. Asia Internet Holdings, Daraz’s existing majority shareholder and CDC Group, a state-owned Development Finance Institution (DFI) in the United Kingdom, both made a €20 million investment in addition to a €30 million investment from the company’s existing majority shareholder.
According to the company’s announcement in May 2018, it was bought by Alibaba Group as a wholly owned subsidiary for an unknown sum as part of the company’s expansion into South Asia strategy. As a result of the acquisition, Daraz Express (DEX), the company’s in-house digitalized logistics arm, was established in September 2018 to assist the company’s expansion into major regions. Currently, DEX fulfills more than 60% of all Daraz order requests.
In 2021, Daraz expanded into the food delivery and hyper-local grocery sectors with the acquisition of Bangladeshi startup HungryNaki, which was founded in 2012.
About Daraz Nepal
Daraz Nepal is home to a diverse selection of consumer electronics, fashion, and cosmetic products, as well as a fast expanding choice of general retail and household goods. Signatures from Daraz Nepal include outstanding value for money, a wide range of original products, quick shipping, and simple returns. Daraz Nepal provides more than just a retail solution with the highest level of convenience; it is also bringing about a sea change in the region’s digitization.