Daraz Group, an e-commerce platform owned by Chinese giant Alibaba Group is reducing its workforce by 11% to prepare for the ‘current market reality.
Mikkelsen cited a difficult market environment, including a war in Europe, massive supply chain disruptions, soaring inflation, higher taxes, and the removal of essential government subsidies in its markets. The organization is active in Pakistan, Bangladesh, Sri Lanka, and Nepal.
Daraz, Pakistan’s largest e-commerce retail platform, was founded in 2012 and purchased by Chinese giant Alibaba (9988.HK) in 2018. It has 100,000 SMEs on its platform in Pakistan.
Daraz said in 2021 that it had access to 500 million customers with a team of 10,000 employees. It has invested $100 million in Pakistan and Bangladesh over the last two years.
