Bazaar, a year old B2B marketplace and digital ledger startup from Pakistan, announced raising $30 million in its Series A funding round.
Silicon Valley-based early-stage VC Defy Partners and Singapore-based Wavemaker Partners led the latest financing round, the largest series A in Pakistan, making it one of the best-funded startups in the country.
A number of global investors also participated in the funding round. These include US-based Acrew Capital, Japan’s Saison Capital, UAE’s Zayn Capital, B&Y Venture Partners, Indus Valley Capital, Global Founders Capital, Next Billion Ventures, a Silicon Valley-based growth fund and Alter Global- Bazaar’s existing investors.
Bazaar was founded in June 2020 by Saad Jangda and Hamza Jawaid, whose personal mission is to bring together and cultivate talent both in Pakistan and the diaspora to ultimately create a platform that further enables entrepreneurship in the country.
Bazaar aims to build an operating system for traditional retail in Pakistan. Through its B2B ecommerce platform and digital ledger product Easy Khata, Bazaar aims to help the 5 million MSMEs in the country seamlessly procure inventory, manage their bookkeeping, and access financial services to simplify and grow their business.
“We’ve been investing in FMCG B2B marketplaces across the region since 2017. After working with Hamza and Saad over the past year, we’ve been impressed by their customer-centric approach to product development and the speed of their learning and execution,” said Paul Santos, Managing Partner at Wavemaker Partners, in a statement.
“It’s no surprise that they’ve received glowing reviews from their customers and partners. We’re excited to support Bazaar as they solidify their market leadership and digitize Pakistan’s retail ecosystem,” he added.
“Bazaar is going after a massive opportunity with the ultimate aim of creating a generational story in and from Pakistan. In a country with incredible talent and huge market opportunity, it’s about time we create an inspirational story that brings together the country’s best talent who can go on to create many such stories in the future,” said the founders.