Daraz to invest Tk 1,000 crore in Bangladesh in 4 years
Daraz, an Alibaba Group-backed e-commerce venture, said today that it intends to invest Tk 1,000 crore in Bangladesh in the next 3-4 years in order to ramp up its operation by building infrastructure and ecosystem.
Bjarke Mikkelsen, founder & group chief executive officer of Daraz Group, made the announcement marking the e-commerce company’s eight years of operation in Bangladesh.
In 2014, Daraz Bangladesh started off with a website and just five employees. Today, the e-commerce platform has exploded – with 7 million customers, 41,000 sellers and numerous partners and stakeholders. We’re proud to have come so far in such a short amount of time, and we know that our success is due in part to the amazing team that we’ve built along the way. Thank you to everyone who has helped us grow and thrive – we couldn’t have done it without you!
With nearly 1,800 e-commerce platforms now in operation in Bangladesh to keep up with the growing demand for online shopping, the announcement couldn’t have come at a better time. annually, it’s estimated that nearly Tk 7,000 crore worth of products are sold through e-commerce firms – a number that’s only continuing to rise as we become more and more reliant on the convenience and time-saving benefits of online shopping.
Today, at a celebration ceremony held at the InterContinental in Dhaka, Daraz Bangladesh’s managing director, Syed Mostahidal Hoq, attributed the company’s success to its recent acquisition by Alibaba, saying: “With over 50,000 seller partners, we have expanded the horizon for e-commerce ventures across the country and enabled businesses while transforming consumer behaviours.”
Md Tajdin Hassan, chief marketing officer of Daraz Bangladesh, said the e-commerce sector in Bangladesh has tremendous potential compared to most other Asian nations.
“Currently, the e-commerce sector in Bangladesh comprises only 1-2 per cent share of the country’s retail sales. For the last seven years, Daraz has been educating the market to influence consumer behaviour to expand the e-commerce services around the nation and contribute to the economy.”
Wholesale and retail trade plays a significant role in Bangladesh’s economy, accounting for 15 percent of the country’s gross domestic product (GDP) of $465 billion in 2021-22 fiscal year, according to data from the Bangladesh Bureau of Statistics.
At an event recently, top executives from Daraz including Md Riyad Hossain (chief human resource officer), Zornica Zafirova (group COO), Tasfin Alam Khondoker (chief operating officer), AHM Hasinul Quddus Rusho (chief corporate affairs officer), and Shabbir Hossain (chief commercial officer) were present.
