China’s Alibaba Buys Pakistan e-Commerce Firm Daraz

Chinese e-commerce giant Alibaba had purchased leading Pakistani online retailer ‘Daraz’, continuing its overseas expansion by gaining a foothold in the growing South Asian consumer market.

China is seeking closer economic ties with Asian neighbours including Pakistan through its Belt and Road initiative, a strategy to increase trade links that are led primarily by infrastructure projects. Daraz, founded in 2012, was purchased from Rocket Internet, a Berlin-based incubator of online startups.
Source- The Economic Times

Static/Current Takeaways Important for NABARD Grade-A Exam 2018-
  • Jack Ma is the CEO of Alibaba Group.
  • Jack Ma is the Richest person in Asia (13th overall), according to the Bloomberg Billionaires Top 100 Index 2018.