The B2B e-commerce startup plans to use some of the funds to expand its reach in the country’s retail market
Pakistani startup Bazaar, a retailer-focused business-to-business (B2B) marketplace, has secured $ 30 million in its Series A funding round.
The round was led by Defy Partners, a California-based early stage venture capital firm, and Wavemaker Partners of Singapore. Other contributors to the round were Zayn Capital, Acrew Capital, Industal Capital, Saison Capital, B&Y Venture Partners, Alter Capital, Global Founders Capital and Next Billion Ventures.
Bazaar raised $ 1.3 million during its pre-seed round and $ 6.5 million in January during its seed round. Combined with the latest funding, the company has raised millions of dollars that has dwarfed any other fundraiser in the Pakistani market since the company’s debut in mid-2020.
Bazaar is also the first blockchain-focused e-commerce startup in the country to raise such amounts from investors.
According to Kamil Saeid, a managing partner at Defy Partners, California, Bazaar’s accomplishments over the past year have been “incredible,” especially in terms of how quickly they have developed their products and deployed them with customers.
“As Defy’s first investment in Pakistan’s burgeoning technology ecosystem, we believe Bazaar is on track to create a category-defining company for the country.” Saeid added in a statement. added TechCrunch.
The startup has already seen a surge in its services as it connects traditional retailers and distributors with large wholesalers and brands.
According to reports, Bazaar serves up to 5 million users across Pakistan, with the startup offering a range of digital products designed to help customers grow. Over 750,000 merchants trust the Bazaar solution and have a retention rate of 90%.
According to the platform’s website, the services reach over 400 cities in the country and more than 200 corporate brands benefit from Bazaar’s e-commerce and fintech products.