Pakistani Bazaar Gets $30 Million Funding

A Pakistani e-commerce startup Bazaar Technologies Pvt has drawn funding of $30 million from investors in a ‘Series A’ round. 

‘Series A’ financing is the first stage where a company secures the required capital from investors by selling the company’s shares.

The Bazaar was founded in 2020 by Saad Jangda and Hamza Jawaid with a vision of building a business-to-business marketplace for grocery stores in Pakistan and assist them in digitizing their bookkeeping.

Both Hamza and Saad know each other since childhood and reconnected in Dubai a few years ago.

At the time, Jawaid was at McKinsey & Company while Jangda was working with Careem as a product manager for ride-hailing and food delivery products.

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Taking to his Twitter handle, Wasim Akram who is part of the team, applauded the startup for providing an ecosystem to digitize retailers in the country.

– Many congratulations to @BazaarTechPK for raising $30M funding, hitting Pakistan’s largest Series A round. Hats off to the team for building an ecosystem to digitize retailers in the country- fantastic work! Ecstatic to join the journey…https://t.co/3r1Li1u5H5

— Wasim Akram (@wasimakramlive) August 24, 2021

Moreover, P@sha President Jehan Ara also congratulated the owners.

Congratulations Saad Jangda and Hamza Jawaid on the Series A raise. Really delighted to hear the news. More power to you as you move ahead in your journey. #entrepreneurship #startups https://t.co/LmXklGSIuV

— jehan_ara (@jehan_ara) August 24, 2021

As there are about 5 million micro, small and medium-sized businesses in Pakistan, the business provides merchants with the ability to procure inventories at a standard price and choose from a much larger catalog.

Currently, the service is only available in Karachi and Lahore.

Since its last year launch, the startup has amassed over 750,000 merchants with a 90% retention rate.