Companies

Published on September 24th, 2015 | by Abdullah Sulehri

0

Online Retailer Daraz Raises EUR 50 Million






Daraz, the leading online retailer in Asian frontier markets, has secured EUR 50m (USD ~55m) in its first

major financing round. The investment comes from the CDC Group – the UK Government’s Development

Finance Institution (DFI) focused on supporting and developing businesses in Africa and South Asia – as

well as Daraz’s existing investor Asia Pacific Internet Group (APACIG).

22 SEPTEMBER 2015, KARACHI. Daraz, the leading online retailer in Asian frontier markets, has secured

EUR 50m (USD ~55m) in its first major financing round. The investment comes from the CDC Group – the

UK Government’s Development Finance Institution (DFI) focused on supporting and developing

businesses in Africa and South Asia – as well as Daraz’s existing investor Asia Pacific Internet

Group (APACIG).

Daraz is already the leading e-commerce platform in Pakistan (Daraz.pk), Bangladesh (Daraz.bd) and

Myanmar (Shop.com.mm). The company started in Pakistan in 2012 as an online fashion business, but

since then has expanded its business model to a general marketplace for quality brands within

electronics, home appliances, fashion and many other categories. The funding will be used to continue

to grow the business in existing markets and for expansion into other frontier markets in Asia.

“Taking the e-commerce business model into these exciting markets is a fascinating journey. Although

internet penetration is still relatively low, the market is developing fast and its potential is immense,”

says Bjarke Mikkelsen, CEO of Daraz. “By making Daraz a success, we are not only building a great

business, but also creating jobs and infrastructure in the countries we operate in – that’s what makes it

so exciting”.

Daraz is part of the Asia Pacific Internet Group (APACIG), one of the fastest growing internet platforms in

the Asia-Pacific region, currently uniting 14 e-commerce companies in 15 countries.

Hanno Stegmann, CEO of APACIG, explains that Daraz is one of the most promising companies in their

portfolio. “The markets where Daraz is active are inspiring for entrepreneurs. We are looking forward to

supporting Daraz in its ambition to become the No. 1 shopping destination in Asian frontier markets”.

David Osborne, CDC’s Investment Director, reassures the choice of investing in the company. “Daraz is

rapidly building an online trading infrastructure across a number of South Asia’s most challenging

frontier markets. CDC’s investment will enable the company to continue its impressive growth. We

expect our investment to help Daraz create several thousand direct and indirect jobs over the next 5

years, and play an important role in the professionalization and development of local retail sectors,

logistics networks and technology industries”.

Tags: , ,


About the Author

is a Chartered Certified Accountant by profession, loves gadgets, technology, sleeping, movies, food, and poetry. He is a tech-blogger and can be reached at abdullah (at) sulehri (dot) com



Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to Top ↑
  • Get Updates In Your Inbox







  • Connect WIth Us