Jumia’s parent company, Rocket Internet said it has sold off Daraz Group to Alibaba.
Daraz Group is an Asian eCommerce platform. Rocket Internet said it sold the company for an undisclosed amount.
Daraz was founded in Pakistan in 2012. The company also operates online marketplaces in Bangladesh, Myanmar, Sri Lanka and Nepal.
In its disclosure, Rocket Internet said the five South Asian markets in which Daraz is operating have a combined population of over 460 million, 60% of which are under the age of 35. Daraz will continue to operate under the same brand following the transaction.
“The sale of Daraz to Alibaba is another testament to Rocket Internet’s ability to successfully scale and exit market-leading companies”, says Oliver Samwer, CEO of Rocket Internet. “Leading technology and a strong logistics network have helped creating one of the fastest growing companies in the region. The acquisition by Alibaba is a tremendous success for the entire team working at Daraz.”