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 business-to-business (B2B) marketplace for merchants, 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 included Zayn Capital, Acrew Capital, Indus Valley Capital, Saison Capital, B&Y Venture Partners, Alter Capital, Global Founders Capital and Next Billion Ventures.
Bazaar raised $1.3 million in its pre-seed round and $6.5 million in its seed round in January. With the latest funding, the company has raised millions of dollars which so far dwarfs any other fundraising recorded 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, managing partner at California-based Defy Partners, Bazaar’s accomplishments over the past year have been “incredible,” particularly in terms of the speed with which they have built and deployed their products to customers.
“As Defy’s first investment in Pakistan’s burgeoning tech ecosystem, we believe Bazaar is poised to create a category-defining company for the country,” Saeid added in a statement sent to TechCrunch.
The startup has already seen an increase in its services by connecting traditional retailers and merchants to major wholesalers and brands.
Bazaar reportedly caters to 5 million users in Pakistan, with the startup providing a suite of digital products designed to help customers grow. More than 750,000 merchants trust Bazaar’s solution, with a 90% retention rate.
According to the platform’s website, its services are available in more than 400 cities across the country and more than 200 commercial brands benefit from Bazaar’s e-commerce and fintech products.