Bazaar, a Pakistani online marketplace that connects retailers directly to wholesalers and manufacturers, has raised a $6.5 million seed round, the second largest ever in the Middle East and North Africa region and the largest in Pakistan, one of the venture capital firms that invested in the project said. Last year, Bazaar raised $1.3 million in Pakistan’s largest ever pre-seed round.
Co-founded by Saad Jangda and Hamza Jawaid in April 2020, Bazaar started a closed pilot in Karachi during extreme lockdown conditions because of the coronavirus pandemic when shorter working hours created major supply chain problems for retailers.
In addition to the lead investors, Bazaar also brought together a diverse mix of leading regional and global institutional and angel investors. Early-stage VC S7V, Singapore-based Wavemaker Partners, Saudi’s Derayah Venture Capital, and US-based Next Billion Ventures participated in the round.
Source: Arab News PK