Daraz Will Invest Tk 1000 Crore in Bangladesh in 4 Years

Daraz Will Invest Tk 1000 Crore in Bangladesh in 4 Years

Daraz, the Alibaba group-backed e-commerce venture, expressed their interest in investing BDT 1000 Cr to build infrastructure and ecosystem. Mr. Bjarke Mikkelsen, founder, and group chief executive officer of Daraz, declared their plan recalling the 8 years of journey and operation in Bangladesh at the celebration ceremony held on InterContinental in Dhaka today.

In 2014, Daraz began its operation in Bangladesh with 5 employees and one website, but today it has 7 million customers and 41000 sellers with numerous associates and shareholders. Now the country has 1800 eCommerce platforms to meet the growing demand for online shopping. 

Industry operators have mentioned that Bangladesh eCommerce platforms altogether sell around BDT 7000 Crore worth of products each year.

Syed Mostahidal Hoq, managing director of Daraz Bangladesh said, “With over 50,000 seller partners, we have expanded the horizon for e-commerce ventures across the country and enabled businesses while transforming consumer behaviors. The acquisition by Alibaba played a major role behind this strength of ours.”

According to Md Tajdin Hassan, chief marketing officer of Daraz Bangladesh, “Compared to any other Asian nations, Bangladeshi eCommerce prospects are sky high. Currently, the e-commerce sector in Bangladesh comprises only a 1-2 percent share of the country’s retail sales. For the last seven years, Daraz has been educating the market to influence consumer behavior to expand the e-commerce services around the nation and contribute to the economy.”

According to the Bangladesh Bureau of Statistics, retail and wholesale trade contribute 15 percent to Bangladesh’s gross domestic product for the fiscal year 2021-22, estimated at $465 billion.

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