Pakistan-based B2B platform Bazaar raises $70 in Series B funding
Pakistan-based business-to-business e-commerce and fintech platform Bazaar has raised $70 million in Series B funding led by Dragoneer Investment Group and Tiger Global Management.
The business aims to use its new round of funding to expand into more cities across Pakistan, launch new marketplace categories, scale its lending offerings, and accelerate new product development, the business announced in a press release. The Series B funding comes six months after its Series A funding round and takes the business’ total funding over $100 million. Existing investors, including Indus Valley Capital, Defy Partners, Acrew Capital, Wavemaker Partners, B&Y Venture Partners, and Zayn Capital also participated in the Series B funding round.
“We are thrilled to support Bazaar’s vision of building an end-to-end commerce and fintech platform for millions of unbanked and offline merchants in Pakistan”, said Dragoneer Investment Group partner Christian Jensen in a press release. “Bazaar’s pace of geographic expansion and new product development is a testament to the rare talent and culture Hamza and Saad have cultivated at Bazaar.”
“We believe that Pakistan is at an inflection point in its tech ecosystem development,” said Tiger Global Management partner John Curtius. “Bazaar is tapping into the massive merchant opportunity and is leading the charge in the country. We are excited to back their incredible team and phenomenal growth in such a short span of time.”
The business is rapidly expanding and currently serves 21 towns and cities across Pakistan. The business is adding three to four new cities and towns to its last mile network each month.
“We are humbled and excited to continue on the path to create a generation defining story for Pakistan,” said Bazaar founders Hamza Jawaid and Saad Jangda. “With significant backing of two of the largest venture growth funds in the world, we believe this will continue to change the narrative on the country and inspire countless more and bigger stories in near future. This is a result of the trust and partnership of our colleagues, suppliers and most importantly our customers– the small merchants who are the backbone of our economy.”
Hamza Jawaid and Saad Jangda founded Bazaar in 2020 and the business’ products include short-term working capital financing product Bazaar Credit and merchant software product Easy Khata among others. The business provides its procurement, fulfilment, operating software, digital lending, and supply chain products to merchants and suppliers across Pakistan.
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