Alibaba Acquires Rocket Internet's Pakistan E-commerce platform Daraz

Alibaba Group has bought the entire share capital of Rocket Internet's South Asian e-commerce platform Daraz Group, Rocket Internet said.

Daraz, founded in Pakistan in 2012, operates online marketplaces in Pakistan, Bangladesh, Myanmar, Sri Lanka and Nepal. The unit will continue to operate under the same brand following the sale to Alibaba, Rocket said.