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KARACHI: May 8, 2018. The CDC Group and the Asia Pacific Internet Group (APACIG) have sold South Asia e-commerce marketplace Daraz to Alibaba for an undisclosed sum.

Daraz was founded in 2012 and now enables 30,000 sellers and 500 brands to offer its five million customers two million products covering consumer electronics, household goods, beauty, fashion, sports equipment and groceries.

darazIn 2015 CDC, Britain’s development finance institution, invested €20 million in the company alongside Daraz’s existing investor APACIG in a total financing round of €50 million.

The Daraz platform covers Pakistan, Bangladesh, Sri Lanka, Myanmar and Nepal and will now leverage Alibaba to drive further growth in its five South Asian markets that have a combined population of over 460 million, 60 percent of which are under the age of 35.

Bjarke Mikkelsen, Daraz Co-CEO said: "With this transaction Daraz has found its natural home in the Alibaba family and we are proud to carry our part of the mission to 'make it easy to do business anywhere'. With hard work and dedication we have started the e-commerce journey in our markets, but we have still only scratched the surface of the potential."

Founded in 2014, APACIG is a joint venture of Rocket Internet and Ooredoo and consists of e-commerce and online marketplace companies operating across 15 countries.

CDC was launched by the UK government in 1948 to make a lasting difference to people’s lives by building businesses and creating jobs throughout Africa and South Asia. The institution, with net assets of over £3.4 billion, provides capital in all its forms to fund growth.

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