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Daraz Groupa leading e-commerce firm, immensely popular in Pakistan, Sri Lanka, Bangladesh, Nepal, and Myanmar has announced today that it had been completely acquired by Alibaba to become a member of the Alibaba Group.

Earlier in March, it was in reports that e-commerce leading company—Alibaba is in talks with Rocket Internet for purchasing Daraz in Pakistan. According to the Bloomberg report both the companies were negotiating on the price for buying the biggest e-commerce website in Pakistan.

With this acquisition, Daraz would be able to influence Alibaba’s leadership and experience in technology, mobile payment, logistics and online commerce for further growth in the South Asian markets that have a combined population of more than four hundred and sixty million—out of which sixty percent of the population is under the age of thirty-five.

Daraz was established back in the year 2012 and since then it has been growing. It has become the most renown and used online shopping destination of the country. Presently, the e-commerce company operates online marketplaces in Myanmar, Sri Lanka, Nepal and Bangladesh.

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Daraz would continue its operations under the same brand even after the transaction.

Bjarke Mikkelsen—the Co-CEO of Daraz said that with this transaction Daraz has found its natural home in the Alibaba family and that the Daraz team is proud to carry out their mission of making it easy to do business anywhere. He added that with dedication and hard work the journey was started however still only the surface of the potential is so far scratched.

Dr. Jonathan Doerr—the Co-CEO of Daraz added that along with Alibaba Daraz is ready to empower entrepreneurs of the region and to fulfill the promise of offering the best selection of products to the customers with high level of ease.

Daniel Zhang—the CEO of Alibaba Group said that they are excited with the acquisition of Daraz as it has now become a part of the Alibaba ecosystem. Together with Daraz, Alibaba could empower entrepreneurs to serve the customers of the region in a much better way via technology and expertise.

He added that in Daraz, Alibaba has found a great team that adopts its values and believes that a tech-driven commerce ecosystem would play a vital role in driving the long-term economic development in South Asia.

There are no confirmed details about the deal, however, The News claim that the deal is estimated between $150 to $200 million.

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