China's Alibaba Buys Pakistan E-Commerce Firm Daraz

Posted on:12 May 2018 09:26:54
China's Alibaba Buys Pakistan E-Commerce Firm Daraz
12 May 2018 Current Affairs: Chinese e-commerce giant Alibaba purchased leading Pakistani online retailer 'Daraz', continuing its overseas expansion by gaining a foothold in the growing South Asian consumer market.

China is seeking closer economic ties with Asian neighbors including Pakistan through its Belt and Road initiative, a strategy to increase trade links that are led primarily by infrastructure projects.

Daraz, founded in 2012, was purchased from Rocket Internet, a Berlin-based incubator of online startups.

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