Alibaba Groups Bought Daraz Group Entire Share Capital

FRANKFURT (Reuters) – Alibaba Group has bought the entire share capital of Rocket Internet’s South Asian ecommerce platform Daraz Group, Rocket Internet said on Tuesday.

It did not disclose financial details.

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.

(Reporting by Maria Sheahan; Editing by Tom Sims)