16.5 C
Perth
December 8, 2019
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Business

Daraz raises $56 million in funding round

ISLAMABAD: Daraz, online shopping website, has made $56 million in its first ever funding round.

According to details, Daraz Group process its e-commerce businesses in Pakistan, Bangladesh and Myanmar, three markets where e-commerce is in its growing stages which started back in 2012, it has gained grip and is likened to Amazon for these developing markets.

This new fund raising will help the group grow its working in all markets where it operates and to grow into new frontier markets.

The funding round was led by the Central Depository Company (CDC) Group initially, a development finance institution owned by the UK government alongside Asia Pacific Internet Group, which is Rocket Internet’s regional investment group.

Bjarke Mikkelsen, CEO of Daraz, said “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. 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.”