SHANGHAI -- Alibaba Group Holding has acquired Pakistani peer Daraz Group, a move that will help the top Chinese e-commerce platform expand its reach in Asia.
Alibaba did not disclose the financial terms of the deal in Tuesday's announcement. Daraz will become a wholly owned subsidiary of the Chinese giant.
Founded in Pakistan in 2012, Daraz has steadily expanded its services to Myanmar, Bangladesh, Sri Lanka and Nepal. The online retailer, whose customers are mostly in their 30s, aims for further growth with the help of Alibaba's supply network and expertise in fields such as electronic payments through the Alipay service.
Alibaba bought Singapore-based peer Lazada for $1 billion in 2016 and has since invested heavily in the company. Lazada operates in Southeast Asian countries such as Thailand, Indonesia and the Philippines.
The acquisition push appears to be paying off -- Alibaba's overseas sales roughly doubled to 14.2 billion yuan ($2.23 billion) in the fiscal year ended March 2018.