Daraz

Daraz Group is a multinational technology company that focuses on e-commerce, logistics, payment infrastructure and financial services. Founded in 2011 with the backing of Rocket Internet, it was first launched in Pakistan as an online fashion retailer and later expanded to Bangladesh, Sri Lanka, Nepal, and Myanmar as Daraz Group after a shift in its business model.[1] In May 2018, Daraz Group was acquired by Chinese e-commerce company Alibaba Group.[2]

Daraz
TypePrivate
IndustryInternet; E-commerce
Founded2012 (2012) in Pakistan
HeadquartersSingapore
Area served
Pakistan; Bangladesh; Sri Lanka; Nepal; Myanmar
Key people
Bjarke Mikkelsen (CEO)
ServicesE-commerce; Logistics; Digital payments; Financial services
Number of employees
10,000+
Websitehttps://www.daraz.com/

Bjarke Mikkelsen is founder of Daraz Group and its current CEO.[3]

History

Daraz was originally founded as an online fashion retailer in Pakistan in 2012 by Muneeb Maayr and Farees Shah. Daraz's initial funding came from Rocket Internet and focused on the fashion sector, but was changed to a general e-commerce marketplace in 2015.

Daraz Group was formed in 2015 as the parent company of Daraz’s operations in Pakistan, Bangladesh and Myanmar.[4] In July 2016, Daraz acquired Kaymu, a consumer-to-consumer online marketplace in South Asia. With this acquisition, it began operations in Nepal and Sri Lanka.[5][6]

In September 2015, Daraz secured €50 million in its Series B funding to support the expansion of operations across its markets. CDC Group, a state-owned Development Finance Institution (DFI) in the UK, invested €20 million alongside a €30 million investment from Daraz's existing majority shareholder, Asia Internet Holdings.[7][8]

In May 2018, Daraz announced it was acquired as a wholly owned subsidiary of Alibaba Group for an undisclosed amount, as part of Alibaba’s expansion into South Asia.[9] Following the acquisition, Daraz Express (DEX), Daraz’s in-house digitalised logistics arm was launched in September 2018[10] to support its growth into key markets. Today, DEX delivers over 60 per cent of all Daraz orders.[11]

In 2021, Daraz expanded into the food delivery and hyper-local grocery sector through the acquisition of Bangladeshi startup HungryNaki. HungryNaki is getting more popularity as food delivery companies in Bangladesh.[12]

References
  1. "After a stuttering start, Rocket Internet's Daraz ecommerce marketplace is finally poised to take off". www.techinasia.com. Retrieved 2021-08-06.
  2. "Alibaba Buys Online Retailer Daraz in Pakistan Push". www.bloomberg.com. Retrieved 2021-08-06.
  3. "Alibaba-Owned Daraz Says E-Commerce Demand in South Asia Surging". www.bloomberg.com. 2020.
  4. "Rocket Internet's APACIG launches e-commerce site in Myanmar, Bangladesh". Digital News Asia. 27 January 2015.
  5. "Rocket Internet merges Asia e-commerce startups Daraz, Kaymu". DealStreetAsia. Retrieved 2021-08-06.
  6. "Rocket Internet merges ecommerce sites Daraz and Kaymu across Asia". www.techinasia.com. Retrieved 2021-08-06.
  7. "Daraz, an online retailer, has secured $55M in Funding". Tech Prolonged. 2015-09-23. Retrieved 2021-08-06.
  8. "UK Gov't Leads $56M Round For Daraz, Rocket's Amazon Clone In Pakistan, Bangladesh And Myanmar". TechCrunch. Retrieved 2021-08-06.
  9. Browne, Ryan (2018-05-08). "Alibaba expands South Asia footprint, snapping up Pakistani online retailer Daraz". CNBC. Retrieved 2021-08-06.
  10. "Daraz unveils new services - Daraz Express and Daraz hubs". ktm2day.com. 2018-09-20. Retrieved 2021-08-06.
  11. Report, BR Web Desk | Recorder (2020-03-04). ""Daraz to have 25 million users by 2022" - An interview with Ehsan Saya, Managing Director, Daraz Pakistan". Brecorder. Retrieved 2021-08-06.
  12. "Alibaba Group's Daraz Acquires Leading Bangladesh Food Tech Startup HungryNaki to Expand Footprint in South Asia". finance.yahoo.com. Retrieved 2021-08-06.
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