Can Alibaba hurt local E commerce business in South Asia ?

Just heard the news that the Chinese Ecom giant Alibaba has entered the south asian market by purchasing a Pakistan-based company operating in the sub-continent named daraz. I don't know how Daraz was actually formed in other countries like Pakistan and Bangladesh but in Nepal it was formed after Kamyu which was a local eCommerce in Nepal was sold to Daraz. Kamayau was a just a small venture that used to sell electronics, clothes and other items that were imported from aboard. Kamyu used to spend a lot in google advertisement before few years. You could see their ads everywhere on the internet. They couldn't make a big buzz in the local market in Nepal because the situation of eCommerce was not good at that time. There were so many problems like delivery and e payment solution. But today the system is quite well formed, more people have begun shopping online, digital payments systems like Esewa have been gaining a lot of popularity in Kathmandu. According to my analysis the entire business model was already setup by Alibaba. They knew that Nepal was a good opportunity as it lies between big economies like China and India. This might be good for consumers here in Nepal because they can get access to global products at much cheaper prices but gonna be a big blow for local small investors and finally will be kind of monopoly in eCommerce, except govt create some kind of quotas for local investors and their products. It is sure that the small bushiness that used to run online stores are going to have a very hard time competing with the global giants like Alibaba. It is because they lack the technology as well the the investment needed to run their business smoothly. Not only online but other retailers that used to sell products imported to nepal form global market are going to get cursed in the process.