Daraz has been hugely successful in all countries, offering convenient shopping and a huge assortment of genuine products at amazing prices
Daraz is the leading e-commerce platform in South Asia, with operations in Pakistan, Bangladesh and Myanmar. Daraz is a business-to-consumer marketplace for a wide range of branded original products from local and international sellers at competitive prices. The company was founded in 2012 by Rocket Internet and later backed by 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.
Daraz takes pride in being an e-commerce solution for a large assortment of genuine quality products, competitive prices and a great shopping experience. It is not the idea itself, but the conviction to convert ideas into actions and actions into results that define the company. Measured by that yardstick, Daraz has been hugely successful in offering innovative solutions right from the offset and becoming home to the striking features of e-commerce in all operating markets.
2015 was a great year for e-commerce in all Daraz countries. The company introduced ‘Black Friday’ to its customers, completely revolutionizing the scope of retail in the country. After ‘Black Friday’ came several other notable events, including the Daraz Fashion Week, which was the first-ever entirely shopable online fashion week, modernizing the antiquated fashion show history.
At a press conference, which took place on the 18th of October 2016 at the Cedar Room at the Cinnamon Grand Hotel, the company announced that it is now set to enter Sri Lanka and engage customers through novel ideas, a wide range of genuine products, great prices and seamless services. Sri Lanka is one of the leading countries in technological advancement, with a rapidly growing Internet penetration rate and consequently experiencing a rise in online shopping trends. Daraz aims to make the most of this trend and become the market leader by providing the Sri Lankan market with an unparalleled customer service and genuine products like all other operating markets.
“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% genuine products along with exceptional customer service”, stated 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. We are very excited to work as part of the Daraz Group and are looking forward to raise the bar in terms of providing incredible online deals for the Sri Lankan market.”