January 19

Bazaar, Pakistan-Based B2B E-commerce Marketplace Raises $6.5 Million in One of Region’s Largest Seed Rounds Building the Organization’s Long-Term Business Growth.

Bazaar, a Pakistan-based B2B ecommerce startup that had launched just eight months ago to digitize traditional retail in Pakistan, has raised $6.5 million in one of the region’s largest seed rounds. The round was co-led by Berlin-based Global Founders Capital which is making its first investment in Pakistan, and Pakistan-focused VC Indus Valley Capital that had also led company’s pre-seed round in June last year. According to MENAbytes data, it is the second-largest seed round ever raised by a startup in the Middle East, North Africa, and the largest in Pakistan. This takes Bazaar’s total raise to date to $7.8 million, making it one of the best-funded startups of the country.

In addition to the lead investors, Bazaar also brought together a diverse mix of leading regional and global institutional and angel investors. Early-stage VC S7V,  Singapore-based Wavemaker Partners, Saudi’s Derayah Venture Capital, and US-based Next Billion Ventures participated in the round. The angels that joined the cap table include current and former leaders of Careem, a partner at DST Global (one of the leading late-stage tech investors), and founders of other B2B startups including Cairo-based Maxab, Ula in Indonesia, and Africa’s Sokowatch.

Founded by Saad Jangda and Hamza Jawaid, Bazaar’s mobile-based ecommerce marketplace enables people running neighborhood mom-and-pop grocery stores (locally known as kiryana stores) to purchase the inventory for their stores from manufacturers, wholesalers, and suppliers. The app features over 500 SKUs of branded and unbranded products, offering free next-day delivery.

Photo courtesy of Prachatai.

Source: MENAbytes (link opens in a new window)

accelerators, business development, e-commerce, impact investing, startups