Karachi-based Bazaar Technologies, a business-to-business ecommerce platform, on Tuesday announced that it has secured $70 million in Series B funding.
The startup, which offers digital products to help merchants grow their businesses, intends to use the funds to expand its operations into more cities across Pakistan, scale up its product offering and launch new products.
The funding round was led by Dragoneer Investment Group and Tiger Global, the startup announced on Twitter. The round also included investors i.e. Indus Valley Capital, Defy.vc, Acrew Capital, Wavemaker Partners, B&Y Venture Partners, and Zayn Capital.
The latest financing comes after the Karachi-based ecommerce platform in August last year announced that it has secured $30 million in Series A financing. The round was led by US-based VC Defy Partners and Singapore-based Wavemaker Partners.
This brings the total funding attracted by Bazaar Technologies to over $100 mllion.
Bazaar is a B2B ecommerce platform serving small merchants in Pakistan, catering to over 1 million merchants and, as per the company’s website, has a reach in over 500 towns across the country and a catalogue of over 200 brands.
“The goal is to keep building for Pakistan,” said Saad Jangda, co-founder of Bazaar, in an interview with TechCrunch.
“We want to cover more than 100 urban and rural centres across the country and build the largest network in the country so that we can move any category of goods from point A to B whenever and wherever is needed,” he added.
Meanwhile, fellow co-founder Hamza Jawaid in a series of tweets expressed jubilation over his company’s recent feat.
“Super excited and humbled to welcome Tiger Global Global Management and Dragoneer Investment Group to the journey and to Pakistan,” said Jawaid.
He said that the latest funding is “another sign that we can and we will build meaningful, investable businesses in Pakistan to truly put the country on the map of leading global tech ecosystems”.
“With this vote of confidence, the support of our community, our customers and more importantly the drive and unyielding efforts of our team at Bazaar, we are only just getting started,” he added.
Ecommerce platforms have generated much interest from investors. Last year, Airlift announced it has secured $85 million in the largest Series B financing in Pakistan’s startup history.
The story was originally published in Business Recorder on March 15, 2022.
