Muneeb Maayr is Co-founder of Daraz.pk. Daraz.pk is the best destination for online shopping and product search in the country. It contains more than 300 brands. Daraz.pk is entirely funded with foreign investment.
Muneeb Maayr said that, we have direct investment from Qatar-based telecommunication company Ooredoo and Berlin-based Rocket Internet is our parent company. Draz was founded as a fashion dealer in Pakistan on Jul 1, 2012, but changed to a general marketplace strategy and business model in 2015 when it also launched operations in Bangladesh and Myanmar.
Some of Draz.pk’s investors include Asia Pacific Internet Group and CDC Group. CDC Group, a state-owned Development Finance Institution (DFI) in the UK financed €20 million alongside a €30 million investment from Daraz existing majority shareholder, Asia Internet Holdings. Draz.pk’s headquarters is situated in Karachi, Sindh, PK 75600. With more than 2 million products available, Daraz.pk offers a miscellaneous variety of products in categories ranging from customer electronics to domestic goods, sports equipment, beauty, fashion, and foodstuffs.
Its main aim is to provide an excellent buying experience, it also offers multiple payment methods including bank transfer, cash-on-delivery, comprehensive customer care, and easy returns. In July 2016, Daraz Group acquired Kaymu, a consumer-to-consumer online marketplace in South Asia, and with the acquisition began operations in Sri Lanka and Nepal.
In May 2018, Daraz Group announced that it had been acquired by Alibaba Group for a secret amount. This move comes about two years after Alibaba’s acquisition of Lazada Group, which was also a startup by Rocket Internet Group in South East Asian market. Daraz Group’s five markets (Pakistan, Bangladesh, Nepal, Myanmar, & Sri Lanka) cover more than 460 million people of which 60% are under the age of 35.
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