Daraz, an online retailer in Asian frontier markets, secured €50m (approx. $55m) in the first financing round.
Backers included CDC Group as well as existing investor Asia Pacific Internet Group (APACIG).
The funding will be used to continue to grow the business in existing markets and expand into other frontier markets in Asia.
Started in 2012 as an online fashion business, Daraz is an e-commerce platform for quality brands within electronics, home appliances, fashion and other categories with a presence in Pakistan (Daraz.pk), Bangladesh (Daraz.bd) and Myanmar (Shop.com.mm).
Led by Bjarke Mikkelsen, CEO, Daraz is part of the Asia Pacific Internet Group (APACIG), an internet platform operating in the Asia-Pacific region, currently uniting 14 e-commerce companies in 15 countries.