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Daraz to invest Tk 10bn more in Bangladesh

It wants to build sustainable business and ecosystem for e-commerce in Bangladesh

  • Staff Correspondent
  • 26 August, 2022 12:00 AM
  • Print news

Daraz Bangladesh, a subsidiary of Chinese e-commerce giant Alibaba, will inject Tk 10 billion more as foreign direct investment to tap the potentials of digital business in the South Asian country.

"Bangladesh has the potential to be the biggest and most important market for Daraz," said Bjarke Mikkelsen, Group CEO of Daraz, at an event at Intercontinental Dhaka on Thursday.

"Our shareholders are interested in investing more Tk 10 billion over the next 3-4 years for building e-commerce infrastructure and ecosystem in the country,” he said.

Daraz Group CEO also expressed his intent to build a sustainable business and ecosystem for e-commerce in Bangladesh alongside empowering new entrepreneurs.

The ecommerce platform has on-boarded 7 million customers with a variety of products from 41,000 sellers, and numerous partners and stakeholders.

Daraz Bangladesh Managing Director Syed Mostahidal Hoq said the ecommerce platform is now a family of 50 thousand seller partners within eight years of operations.

“I believe that we have expanded the horizon for e-commerce ventures across the country and enabled businesses with the facilities required to maintain operations amid transforming consumer behaviours in transforming society,” he said.

Daraz Group COO Zornica Zafirova, Daraz Bangladesh Managing Director Syed Mostahidal Hoq, Chief Marketing Officer Md. Tajdin Hassan, Chief Operating Officer Tasfin Alam Khondoker, Chief Corporate Affairs Officer  AHM Hasinul Quddus Rusho, Chief Commercial Officer Shabbir Hossain and Chief Human Resource Officer Md. Riyad Hossainwere also present at the event.

Chief Marketing Officer Md Tajdin Hassan said the e-commerce sector in Bangladesh comprises only 1-2 percent share of the country’s retail sales.

“In a country with an increasing internet penetration rate, we certainly have a long way to go," he said.

"For the last seven years, Daraz has been educating the market to influence consumer behaviour with an aim to expand the e-commerce services around the nation and contribute to the economy,” Md Tajdin Hassan said.

Marking the anniversary, Daraz announced an eight-year-long adventurous journey and will continue September 4-11, 2022.