Daraz

Daraz is an online marketplace and logistics company which operates in markets of South Asia and Southeast Asia. It was founded in 2012 as an online fashion e-commerce marketplace in Pakistan by Muneeb Maayr (Founder) & Farees Shah (Co-Founder) at the based venture builder, Rocket Internet. Daraz Group operates e-commerce platforms and logistics service in Bangladesh, Myanmar, Nepal, Pakistan and Sri Lanka.[1] Bjarke Mikkelsen is the current CEO of Daraz.[2][3] In May 2018, Daraz Group was acquired by the Chinese e-commerce company Alibaba Group from Rocket Internet.

Daraz
TypePrivate
IndustryE-commerce
Founded2012 (2012)
FoundersMuneeb Maayr (Founder), Farees Shah (Co-Founder), Rocket Internet (VC)
Area served
Bangladesh, Myanmar, Nepal, Pakistan, Sri Lanka
Key people
Bjarke Mikkelsen (CEO)
ProductsMarketplace, retailer
ParentAlibaba Group
Websitewww.daraz.com

History

Daraz was founded as an online fashion retailer in Pakistan in 2012 by Muneeb Maayr (Founder) & Farees Shah (Co-Founder) while Muneeb Maayr was working at Rocket Internet. Daraz's initial funding and work came from Rocket Internet but was later changed to a general marketplace strategy and business model in 2015 when it also launched operations in Bangladesh and Myanmar.[4][5]

Funding

In September 2017, Daraz secured 50 million euros in its Series B funding in order to expand operations in Bangladesh, Myanmar and Pakistan. CDC Group, a state-owned Development Finance Institution (DFI) in the UK,[6] invested €20 million alongside a €30 million investment from Daraz's existing majority shareholder, Asia Internet Holdings.[7][8]

Acquisition

In July 2016, Daraz Group acquired Kaymu, a consumer-to-consumer online marketplace in South Asia. With this acquisition it began operations in Nepal and Sri Lanka.[9][10][11]

In May 2018, Daraz Group announced that it had been acquired by Alibaba Group for an undisclosed amount. This was two years after Alibaba's acquisition of Lazada Group, which was also a startup by Rocket Internet in the South-East Asian market. Alibaba Group also runs Singapore's Redmart, and owns stakes in Japan's Rakuten and Indonesia's Tokopedia.[12][13][14]

Daraz Group's five markets (Bangladesh, Myanmar, Nepal, Pakistan and Sri Lanka) cover more than 460 million people, of whom 60% are under the age of 35. In order to digitize the logistics ecosystem and to improve the delivery standards, Daraz has built its own logistics company, Daraz Express (DEX), in all five markets.[15]

Daraz 11.11

On 11th of November 2018 the - 11.11 also known as Singles' Day was introduced as an event, when Alibaba, Daraz’s parent-company, positioned it as Asia’s answer to Black Friday. In November 2018 Alibaba's 11.11 sale was ready to make the journey to South-east Asia that included Pakistan,[16][17][18][19][20] Bangladesh,[21][22][23][24][25] Sri Lanka,[26][27][28][29][30] Nepal [31][32][33][34][35] & Myanmar,[36][37][38][39][40] thus - setting the trend for 11.11 Sale in South-east Asia.

Daraz 11.11

References
  1. "Building South Asia's Leading Ecommerce Platform". Gigabit Magazine.
  2. "Bjarke Mikkelsen - Daraz". Business Chief Asia.
  3. "Alibaba-Owned Daraz Says E-Commerce Demand in South Asia Surging". Bloomberg News.
  4. Abudheen, Sainul. "Rocket's Daraz a hit not just in Pakistan, but in Bangladesh and Myanmar too". e27. Retrieved 9 October 2015.
  5. Asia, Digital News (27 January 2015). "Rocket Internet's APACIG launches e-commerce site in Bangladesh, Myanmar". Digital News Asia. Retrieved 2 January 2015.
  6. Editors, RetailTech Innovation. "Online retailer Daraz raises $55 M". Enterprise Innovation. Archived from the original on 7 October 2015. Retrieved 5 October 2015.CS1 maint: extra text: authors list (link)
  7. Release, Press (24 September 2015). "Daraz, an online retailer, has secured $55M in Funding – Tech Prolonged". Tech Prolonged. Retrieved 24 September 2015.
  8. Lunden, Ingrid. "UK government leads $56 M round for Daraz, Rocket's Amazon clone in Bangladesh, Myanmar and Pakistan". TechCrunch. Retrieved 22 September 2015.
  9. S. Noda III, Tomas (28 June 2016). "Rocket Internet merges Asia e-commerce startups Daraz, Kaymu - DealStreetAsia". DealStreetAsia. Retrieved 26 June 2016.
  10. "Daraz and Kaymu set to join hands". HIP. 26 June 2016. Retrieved 28 June 2016.
  11. Husain, Osman. "Tech in Asia - Connecting Asia's startup ecosystem". TechinAsia.com. Retrieved 24 June 2016.
  12. Russell, Jon. "Alibaba buys Rocket Internet's Daraz to expand its e-commerce empire into South Asia". TechCrunch. Retrieved 8 May 2018.
  13. Editorial, Reuters. "Alibaba buys Rocket Internet's Pakistan e-commerce platform Daraz". Reuters. Retrieved 8 May 2018.
  14. Release, Press. "Daraz Group Joins the Alibaba Ecosystem". www.daraz.com. Retrieved 8 May 2018.
  15. "Daraz announces its mission to "Make it easy to do business anywhere in era of digital economy"x". The Frontier Post. 2019-03-30. Retrieved 2019-05-20.
  16. "Daraz announces mega 11.11 sale in Pakistan". Dawn News.
  17. "Daraz announces 11.11 – World's Biggest Sale Day, coming to Pakistan for the first time on November 11th". Tech Juice.
  18. "Daraz announces 11.11: World's Biggest Sale Day". Brand Synario.
  19. "Daraz launches GyaraGyara with 8 million deals and discounts worth Rs 50 crore". Dawn News.
  20. "Daraz launches 'GyaraGyara' with 8 million deals and discounts worth Rs 50 crore starting November 11". Business Recorder.
  21. "All you need to know about Daraz's Eleven-Eleven sale". Icetoday.
  22. "Daraz to launch '11.11' campaign for second time". The Financial Express.
  23. "Daraz announces mega 11.11 sale in Pakistan". United News Bangladesh.
  24. "Daraz preparing to celebrate 11.11 offers with pre-sale blitz". Bdnews24.
  25. "Daraz Bangladesh to celebrate 11.11 Sale with best local brands". Daily Sun.
  26. "Daraz brings you 11.11 for the 2nd time in Sri Lanka". Bizz English.
  27. "E-commerce industry enjoying rapid growth in SL: Alibaba subsidiary". FT LK.
  28. "Daraz brings you 11.11 for the 2nd time in Sri Lanka". Daily Mirror LK.
  29. "Daraz 11.11, Mega Online fiesta to start on 11 November". Ceylon Today.
  30. "Daraz to aggressively promote online transactions". Sunday Observer.
  31. "नेपालको सबैभन्दा ठूलो सेल ११.११को लागी दराजको यस्तो छ तयारी". Ratopati.
  32. "दराजको ११.११मा ३ लाखभन्दा बढी सामानमा छुट". Online Khabar.
  33. "दराजको एक दिने 'सेल डे'को यस्तो छ तयारी". Setopati.
  34. "कात्तिक २५ मा दराजको 'बिग सेल डे'". Nagarik News.
  35. "दराजको ११.११ को तयारी पूरा : ८० प्रतिशतसम्म छुटमा तीन लाखभन्दा बढी सामान". Nayapatrika Daily.
  36. "Myanmar Media Landscape in 2019". Happioteam.
  37. "Online Shopping Picks Momentum Myanmar". mmtimes.
  38. "Myanmar Media Landscape in 2019". Myanmar Tech Press.
  39. "E-Commerce in Myanmar: A Rising Tide". Kasikorn Bank.
  40. "Myanmar Shoppers Spend $90,000 in 1 Hour During Alibaba's '11.11' Online Sale". Irrawaddy.
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