Bazaar, a Karachi-based B2B ecommerce marketplace, recently raised a record $30 million, the largest Series A round among Pakistani startups to date.
The round was led by Defy Partners and Wavemaker Partners, with the additional involvement of Acrew Capital, Saison Capital, Zayn Capital, B&Y Venture Partners, a Silicon Valley-based growth fund, Indus Valley Capital, Global Founders Capital, Next Billion Ventures, and Alter Global. Multiple angel investors including current and former leaders of Antler, Careem, Endeavor, Gumroad, LinkedIn, and Notion also participated in the deal.
Bazaar, which was founded in 2020 by Saad Jangda and Hamza Jawaid, is a marketplace platform that enables small merchants to procure inventory for their stores. The company also recently launched the incredibly successful fintech solution Easy Khata, which is a digital ledger that allows business owners to take care of all their bookkeeping needs. According to Bazaar, both their services have served over 750,000 merchants so far.
Kamil Saeid, from Defy Partners, stated, “what Bazaar has managed to accomplish in the last year is incredible. We are extremely impressed by the speed and robustness with which they build and deploy. As Defy’s first investment into Pakistan’s burgeoning tech ecosystem, we feel Bazaar is on its way to create a category-defining company for the country.”
Bazaar’s founders also said in a statement, “Bazaar is going after a massive opportunity with the ultimate aim of creating a generational story in and from Pakistan. In a country with incredible talent and huge market opportunity, it’s about time we create an inspirational story that brings together the country’s best talent who can go on to create many such stories in the future.”