Online marketplace Daraz.com raises $55 million in first round of funding
September 23, 2015 04:56 PM
An Asian online marketplace just raised a lucrative round of funding.
Daraz.com announced it received an investment of 50 million euro ($55 million) from the CDC Group, the UK Government’s Development Finance Institution which helps support businesses in Africa and South Asia, and the company’s existing investor Asia Pacific Internet Group, a joint venture of German e-commerce company Rocket Internet and Qatar-based telecommunications provider Ooredo.
Daraz is a general online marketplace started in Pakistan in 2012 as an online fashion merchant and now serves Bangladesh, Myanmar (operating as Shop.com.mm) and Pakistan selling electronics, appliances, apparel and other products. The $55 million in funding is expected to be used to grow business in Daraz’s three primary markets and to expand into new Asian markets.
“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 Daraz CEO Bjarke Mikkelsen.
Founded in 2014, Asia Pacific Internet Group controls 14 e-commerce companies in 15 countries. “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,” says Hanno Stegmann, CEO of Asia Pacific Internet Group.