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Pakistan’s leading online retailer Daraz gets a 50 million euros major financing round from UK Government’s CDC Group

Leading online retailer in Asian frontier markets, Daraz has got 50 million euros ($55 million) in its first major financing round. The investment came from the UK Government’s Development Finance Institution focussed CDC Group that supports and develops businesses in Africa and South Asia, as well as Daraz’s existing investor Asia Pacific Internet Group. Daraz is the leading e-commerce platform in Pakistan, Bangladesh and Myanmar. The company started in Pakistan in 2012 as an online fashion business, but has now expanded its business model to a general marketplace for quality brands within electronics, home appliances, fashion and many other categories. The funding will be used to continue to grow the business in existing markets and for expansion into other frontier markets in Asia. Daraz is also a part of the Asia Pacific Internet Group (APACIG), one of the fastest growing internet platforms in the Asia-Pacific region, currently uniting 14 e-commerce companies in 15 countries.

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VC Deals,Asia Pacific Internet Group,CDC Group,Daraz,online Asia retail