KATHMANDU: Daraz Group, a leading e-commerce company in Nepal, Pakistan, Bangladesh, Sri Lanka and Myanmar, has announced that the company was fully acquired by Alibaba to become a member of Alibaba Group, as per a media release.

With the acquisition, Daraz will be able to leverage Alibaba’s leadership and experience in technology, online commerce and operation to drive further growth in the five South Asian markets that have a combined population of over 460 million, 60 per cent of which are under the age of 35.

Daraz was founded in 2012 and has since grown into the most popular online marketplace in the countries it operates. Daraz will continue to operate under the same brand.