Categories: featuredNews

Home-grown venture Daraz raises 50 Million Dollars

Pakistani e-commerce venture, Daraz, with international footing in emerging markets has raised 55 Million dollars to expand its operations in international destinations. This is Daraz’s first-ever funding round and it has been led by Asia Pacific Internet Group and UK government’s CDC Group focused on helping businesses in emerging markets.

“Although internet penetration is still relatively low, the market is developing fast and its potential is immense,” says Bjarke Mikkelsen, CEO of Daraz, in today’s statement to TechinAsia.

The funding will be targeted to expand the e-commerce business more into local market and exploring further. e-commerce potential in countries across Asia. Daraz is currently operating in premature e-commerce markets of Pakistan, Bangladesh and Myanmar in Asia.

Muneeb Idrees Maayr and Farees Shah, Founders of Daraz, started the venture in 2012 as a Fashion Store which was later scaled to include a wide range of items. In 2014, Daraz went international by opening its stores in Myanmar and Bangladesh.

E-commerce is picking up in Pakistan at a fast pace. Recently, TCS has been rebranded as Yayvo.com. TechJuice has also covered Clikky.com. a new yet strong entrant in the local e-commerce market. In addition, there are several other new e-commerce players with niche target markets that are bringing consumers online.

Sponsored
TechJuice

Pakistan's premier website covering everything about Technology, Startups and Entrepreneurship! Email: editors@techjuice.pk

Leave a Comment
Share
Published by
TechJuice
Tags: Daraz

Recent Posts

SBP Chief Reports October Remittances Exceed $3 Billion

KARACHI: The State Bank of Pakistan (SBP) is anticipating $500 million from the Asian Development…

9 mins ago

Sindh Assembly Reveals 28,500 Govt Employees’ Spouses as Illegal BISP Beneficiaries

The Sindh Assembly was informed that over 28,500 employees of the provincial government were unlawfully…

1 hour ago

SBP Eases Policy Rate by 2.5% as Inflation Shows Steady Decline

The Monetary Policy Committee (MPC) of the State Bank of Pakistan decided to cut the…

1 hour ago

SECP to Host Pakistan Startup Summit in Karachi Next Week

The Securities and Exchange Commission of Pakistan (SECP) is organizing the Pakistan Startup Summit, which…

2 hours ago

Fake News by Pakistani AI Website Sparks Turmoil in Ireland

On October 31, 2024, Halloween was celebrated worldwide, and the holiday spirit still lingers. Pakistan…

2 hours ago

Pak Suzuki Drops Popular Graphite Grey from Vehicle Lineup in Pakistan

Pakistan Suzuki Motor Company (PSMC) has announced the discontinuation of the widely favored Graphite Grey…

2 hours ago