Daraz Group, a subsidiary of the Alibaba Group and an e-commerce platform, is reducing its workforce by 11% in order to adapt to the “current market reality,” according to a message to employees posted on the business website.
Mikkelsen highlighted a challenging market climate, including the elimination of crucial government subsidies in its markets, a conflict in Europe, significant supply chain interruptions, skyrocketing inflation, and increased taxes. The organization has operations in Nepal, Bangladesh, Sri Lanka, and Pakistan.
The largest e-commerce retail platform in Pakistan, Daraz, was established in 2012 and was purchased by the Chinese conglomerate Alibaba in 2018. On its platform are 100,000 Small and Midsize Enterprises (SMEs) in Pakistan.
Daraz projected to have 10,000 employees and access to 500 million clients in 2021. Over the past two years, it has invested $100 million in Pakistan and Bangladesh.
