Pakistan-based e-commerce business Daraz has raised a $56m series A round backed by Apacig, a joint venture of incubator Rocket Internet and telecoms firm Ooreedo, TechCrunch reported yesterday.
The round was led by CDC Group, a development finance institution wholly owned by the UK government.
Founded in 2012, Daraz operates an online store targeting consumers in Pakistan, Bangladesh and Myanmar.
Daraz is expected to use the cash to expand its staff and help improve the retail, logistics and technology ecosystem in its three markets to support growth. Daraz also hopes to enter additional countries across Asia.
The news of the company’s funding round follows Apacig’s announcement earlier this month that it was to launch a new startup in Asia every quarter.
Bjarke Mikkelsen, chief executive of Daraz, said: “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 is what makes it so exciting.”
Hanno Stegmann, chief executive of Apacig, added: “The markets where Daraz is active are inspiring for entrepreneurs; though internet penetration is extremely low and online shopping is still a new trend, the growth and potential are unique.”