South Asia’s e-commerce giant, Daraz, expands to Sri Lanka
View(s):Daraz, a leading e-commerce platform in South Asia, with operations in Pakistan, Bangladesh and Myanmar, is expanding services to Sri Lanka. The company is a business-to-consumer marketplace for a wide range of branded original products from local and international sellers at competitive prices. It was founded in 2012 by Rocket Internet and later backed by Doha-based Ooreedoo and the CDC Group – the UK Government’s Development Finance Institution (DFI). Daraz raised an investment of $55 million in its first big funding round in 2015. At a media conference this week in Colombo, company officials said they planned to engage Sri Lankan customers through novel ideas, a wide range of genuine products, good prices and services.
“With the Internet penetration rate increasing year-on-year in the country we see Sri Lanka as a developed market with regards to online shopping. We have high expectations for Sri Lanka, especially since we are merging with a strong brand such as Kaymu. Sri Lankan online shoppers will be in for a treat because in Daraz, we make sure that we provide the best deals for 100 per cent genuine products along with exceptional customer service”, said Co-CEO of the Daraz Group, Dr. Jonathan Doerr. Saurabh Chauhan, Country Manager for Daraz Sri Lanka, said, “Kaymu has been very successful with the online market penetration here in Sri Lanka and merging with Daraz will allow us to offer unique value propositions such as a secure brand buying experience and free returns as per the Daraz global offering to Sri Lankan customers”.