Bazaar: A Pakistani Startup Managed To Raise $70m In Series B Round
A Pakistani startup Bazaar, a B2B e-commerce retail platform, managed to raise $70 million in Series B taking the total investment up to $107.8 million.
According to a release by the company Bazaar, they managed to raise around $70 million in the Series B round with the help of Tiger Global Management and Dragoneer Investment Group.
The company’s founders are Hamza Jawaid and Saad Jangda. Merchants and suppliers in Pakistan can use Bazaar for procurement, fulfilment, operating system software, online lending, and supplier management.
The Bazaar was launched in June 2020 during the peak of the Covid 19 pandemic. of The company raised $30 million in their Series A round in August 2021. And in just 4 rounds including this Series B round the startup has managed to raise a total of 107.8 million since 2020.
The founder of Bazaar said, “We are humbled and excited to continue on the path to creating a generation-defining story for Pakistan. With significant backing of two of the largest venture growth funds in the world, we believe this will continue to change the narrative on the country and inspire countless more and bigger stories in near future.”
Dragoneer Investment Group, Tiger Global, Indus Valley Capital, Defy., Acrew Capital, Wavemaker Partners, B&Y Venture Partners, and Zayn Capital led the Series B fundraising round, according to a tweet from the business.
The company says, “At the same time, Pakistan is undergoing a massive digital penetration wave driven by the widespread availability of affordable smartphones and some of the lowest mobile broadband costs in the world.”
Bazaar’s B2B e-commerce platform now serves 21 towns and cities across Pakistan, reaching 30% of the country’s population via more than a dozen functional fulfilment centres.
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