Daraz, the Pakistan-based online marketplace incubated by commerce holding company Rocket Internet, was acquired by online retail group Alibaba last week for an undisclosed sum.

Founded in 2012, Daraz sells goods including consumer electronics, fashion and beauty products through local e-commerce stores serving Pakistan, Bangladesh, Myanmar, Sri Lanka and Nepal. It will retain the Daraz brand name following the acquisition.

The company raised $56m in a 2015 series A round led by UK government-owned development finance institution CDC Group, which invested together with Asia Pacific Internet Group, a joint venture between Rocket Internet and telecommunications firm Ooreedo.

Oliver Samwer, chief executive of Rocket Internet, said: “The sale of Daraz to Alibaba is another testament to Rocket Internet´s ability to successfully scale and exit market-leading companies.

“Leading technology and a strong logistics network have helped creating one of the fastest growing companies in the region. The acquisition by Alibaba is a tremendous success for the entire team working at Daraz.”