Pakistani Startup And B2B Marketplace Bazaar raises 30$ Million
A year-old startup ‘Bazaar or a B2B Pakistani marketplace has raised around 30$ million in funds in series. The main collaboration of “Bazaar” is co-led by Silicon Valley-based partner and Singapore-based Wavemaker partner.
Bazaar has funded around 38$ million and making it one of the best-funded startups in the whole country stated by the press.
The other investors who participated in it included US-based Acrew Capital, Japan’s Saison CapitalSilicon Valley-based growth fund, UAE’s Zayn Capital, and B&Y Venture Partners.
The startup was launched in June 2020. Bazaar aims to serve small and medium-sized businesses in Pakistan to acquire supplies, manage accountabilities, and give simple financial services to modify and support them to grow.
The former product manager of ride-hailing company Saad Jangda and former management consultant of McKinsey & Company Hamza Jawaid was the founder of this startup.
Along with the various types of product offerings, Bazaar has been covering multiple ranges of products and services, such as invoicing, inventory management, e-commerce, online accounting, and payments, landing, and commercializing as aspects of one digital stack for minor merchants.
Paul Santos Wavemaker managing Partner said we have been investing in FMCG B2B marketplaces in the whole region since 2017. The working experience with the Co-founders of Bazaar was quite excellent, he added. He also stated that we have been really fascinated by their working strategies, productive manner, customer-centric approach to product development, and the potential in their leading and execution.
“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.
The Bazaar claimed that they have around 750,000 businesses since it’s launched. They are also able to solve the many of their South Asian peers that are still struggling with Retention. Bazaar claimed it has a 90% retention rate.
“Bazaar is pursuing a huge potential to tell a generational story in and from Pakistan. “It’s about time we created an inspirational story that brings together the country’s top talent who can go on to create many more similar stories in the future,” the founders added.