Alibaba acquiring big online retailer in southern Asia

Alibaba Group Holding Ltd is spreading its wings further into South Asia by acquiring the region's largest e-commerce platform.

The buyout of Daraz Group, for an undisclosed amount, will make the company a wholly owned unit of Alibaba, following in its footsteps of recent purchases in shopping portals and digital wallets across the region.

"We are excited for Daraz to become a part of the Alibaba ecosystem," said Alibaba Chief Executive Officer Daniel Zhang. "Together with Daraz, we can now empower entrepreneurs to better serve consumers in the region through our technology and expertise."