Bazaar Platform Secures $ 30 Million Series A Funding
B2B e-commerce startup Bazaar has generated $ 30 million in the largest Series A funding round for a business in Pakistan, according to a report published Tuesday (Aug. 24) in MENAbytes.
Early stage venture capital firm Defy Partners, along with returning investor Wavemaker Partners, led the round for the Pakistan-based firm, according to the report. The cycle also saw participation from Acrew Capital, Saison Capital, Zayn Capital, B&Y Venture Partners, Indus Valley Capital, Global Founders Capital, Next Billion Ventures and Alter Global. Several angel investors also contributed to the round table.
The latest round comes seven months after the Bazaar round-trip, which grossed $ 6.5 million, according to the report.
Founded in mid-2020, Bazaar serves 5 million small merchants across Pakistan, according to the company’s website. Bazaar provides an accounting platform for small and medium enterprises (SMEs) and offers thousands of business related products that merchants can purchase for their retail operations.
Bazaar strives to provide an interconnection between retailers, wholesalers and manufacturers, according to the report.
Bazaar isn’t the only Pakistan-based company seeing an influx of capital, PYMNTS reported. KTrade and Abhi received new financial contributions totaling $ 6.6 million in June.
Read more: Foreign investors pour millions into Pakistan’s FinTech startups
These fundraisers are in addition to the $ 19.3 million raised by Pakistani startups in the first quarter of 2021. Of the amount raised in the first quarter, nearly $ 15 million came from investors outside the country.
In 2020, foreign investment in Pakistan reached $ 48 million.
KTrade, a FinTech trading app that allows investors to buy and sell stocks on the Pakistan Stock Exchange, raised $ 4.5 million in a funding round led by Hong Kong-based TT Bond Partners , and HOF Capital of New York with the participation of German investor Christian Angermayer. Abhi, which provides users with a tool to gain advanced access to funds earned before payday, has generated $ 2.1 million in seed funding.