Pakistan-based ecommerce firm Bazaar lands $6.5m in seed round

Pakistan-based ecommerce marketplace Bazaar announced it has raised US$6.5 million in a seed round led by venture capital firms Global Founders Capital and Indus Valley Capital.

The Bazaar team / Photo credit: Bazaar

The round saw participation from global investors such as S7 Ventures, Wavemaker Partners, Derayah Venture Capital, and Next Billion Ventures, all of whom are making their first investment in Pakistan. Existing investor Alter Global also backed the company, along with angel investors including former executives of ride-hailing firm Careem.

Launched in 2020, Bazaar is a B2B ecommerce marketplace that connects retailers directly with wholesalers and manufacturers. The company aims to digitize traditional retail in Pakistan through various digital products.

Funds from the financing round will be used to expand the company’s footprint across Pakistan, build its product capabilities, and offer more services.

“Over 80% of our customers own and operate smartphones, yet their way of running business has not changed until now,” said Hamza Jawaid, co-founder of Bazaar. “By bringing them online, we can meaningfully improve their businesses and their lives, freeing up time to focus on the most important tasks, eventually enabling greater returns.”

The company claims to have served over 10,000 retailers in Karachi and has a catalogue of over 500 stock-keeping units on its platform. Bazaar has roped in talent from firms such as Careem, Swvl, Kitopi, Daraz, and Unilever.

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Pakistan’s ecommerce market is poised to be valued at US$5.4 billion in 2021, according to data from Statista.