Pakistan’s emerging Start-up ‘Bazaar’ has announced the completion of a $70 million Series B funding round.
“We want to build a great company in Pakistan that people will want to work with,” said Hamza Javaid of Bazaar. “We both have the privilege of learning well and having a good time while working abroad. And we are fully aware of this feeling that you need to leave Pakistan for this to happen. The fundraiser sends a huge message – it proves that you can build a big and scalable business in Pakistan. And that should inspire other founders and entrepreneurs.”
Bazaar has definitely come a long way in a short amount of time. Two years ago, founders were looking for big ideas that offer the opportunity to build a business of the scale they want. They eventually settled on the retail sector in Pakistan. Mass retailing and its inefficiencies offer real opportunities for technology solutions. The founders launched Bazaar in June 2020. We want to create a generation of jobs that will put Pakistan on the map, Hamza Javaid added.
Bazaar targets 5 million small and medium retailers operating across Pakistan. Bazaar offers a complete solution. using a simple digital interface accessible through a smartphone app. Retailers can choose from thousands of items on the Bazaar platform with guaranteed next day delivery.
Bazaar currently serves retailers in 21 cities across Pakistan.
The Series B funding round is led by Dragoneer Investment Group and Tiger Global Management. Bazaar has so far raised more then $100 million in funding. While analyst forecast valuation of Bazaar to exceed $500 million.
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