A less than one-year-old, Bazaar start-up has earned a $6.5 million funding pool in one of the largest seed rounds in the region, a top official announced on Tuesday, which is seen as a milestone for the country’s nascent digitizing industry and the rising potential of e-commerce markets.
The statement came from Commerce Advisor Abdul Razak Dawood, who shared the tremendous success of two young entrepreneurs who formed the company just eight months ago on the social media site.
“I wish them all the best and encourage our young entrepreneurs to imitate this, as Pakistan is one of the world’s largest potential e-commerce hubs with a wide population”, said Razak.
Bazaar start-up, founded by Hamza Jawaid and Saad Jangda during the nationwide lockdown amid rising pandemic fears, provides large and micro retailers with access to a wide range of products from various resources on a single platform through digital technology. The business, a B2B e-commerce startup, beat its first year goal of enrolling 800 distributors while reaching 10,000 and still growing.
This seed round was co-led by Berlin-based Global Founders Capital and Pakistan-based VC Indus Valley Capital. This seed round was the 2nd biggest round ever initiated by a company in the MENA region and the biggest in Pakistan.