On Tuesday, Karachi-based Bazaar Technologies, a business-to-business e-commerce platform, revealed that it had received $70 million in Series B investment.
By increasing their product market and launching new items with this funding, the firm, which provides digital tools that assist merchants to build their companies, plans to expand into other cities across Pakistan.
In a tweet, the firm stated that Dragoneer Investment Group and Tiger Global had led the investment round. Some of those involved in the round included investors such as Defy.vc; Acrew Capital; Wavemaker; B&Y Venture; and Zayn Capital.
It follows the $30 million Series A funding that the Karachi-based e-commerce company disclosed last August. US-based VC Defy Partners and Singapore-based Wavemaker Partners led the investment.
As of now, Bazaar Technologies has raised more than $100 million in investment.
An e-commerce network for small businesses in Pakistan, Bazaar claims to serve more than 1 million merchants and has an inventory of over 200 brands, according to its website.
According to Saad Jangda, co-founder of Bazaar, “the objective is to keep growing for Pakistan”. By expanding to more than 100 metropolitan and rural centres around the country, Bazaar will be able to carry any type of commodities from point A to point B at a moment’s notice, the company’s CEO explained.
Co-founder Hamza Jawaid, for his part, was overjoyed with the recent success of his firm and took to Twitter to share his joy.
In a statement, Jawaid said he was “humbled and pleased” to have Tiger Global Global Management and Dragoneer Investment Group join him on the voyage to Pakistan.
According to him, the current financing is “another proof that we can and will establish real, investable enterprises in Pakistan to genuinely place the nation on the map of leading global IT ecosystems.”
“This vote of confidence, the backing of our customers, the Bazaar community, and most importantly our team’s unwavering work, we are just getting started,” he said.
Investors have taken a keen interest in e-commerce platforms. Earlier this year, Airlift claimed that it had raised $85 million in Pakistan’s largest startup round ever.
