What is seen as a breakthrough for the country’s emerging digitising industry and growing potential of e-commerce markets, a less than one-year-old business startup has raised a $6.5 million pool of investment in one of the largest seed rounds in the region, a top official announced on Tuesday.
The announcement came from Commerce Adviser Abdul Razak Dawood, who took to social media platform to share the major success of two young entrepreneurs who founded the company just eight months ago.
Calling it an ‘impressive’ development, he asked the country’s youth to come forward and capitalise on the growing opportunity.
“I congratulate Bazaar Technologies on successfully raising $6.5m in what is now being termed as one of the region’s larger seed rounds,” tweeted Dawood.
“This is impressive considering the fact that the startup was founded just 8-month ago by two youngsters at Karachi for digitising of the traditional retail sector in Pakistan. I have always believed in the entrepreneurship of our youth & this speaks volumes about their abilities. I wish them success & urge our young entrepreneurs to emulate this as with a large population base, Pakistan is one of the largest potential e-commerce markets in the world.”
Founded by Hamza Jawaid and Saad Jangda during the countrywide lockdown amid growing fears of pandemic, Bazaar through digital technology gives small- and medium-sized retailers access to a large assortment of goods from multiple resources on a single platform. A B2B e-commerce startup, the company beat its first year target of enrolling 800 retailers while reaching out to 10,000 with the number still growing.