Bazaar Technologies, a Pakistani blockchain-powered business-to-business (B2B) marketplace, has raised $30 million in Pakistan’s largest Series A round to date.
On August 24, Bazaar announced the completion of its most recent funding round, revealing that the round was led by Defy Partners of Silicon Valley and Wavemaker Partners of Singapore.
Moreover, Hundreds of other investors joined the round, including Endeavor, LinkedIn, Saison Capital from Japan. And existing investors Indus Valley Capital and Alter Global.
Bazaar claims to be Pakistan’s most popular B2B marketplace for small businesses. With 750,000 merchants spread across 400 towns and villages. Many of Bazaar’s users are small “mom-and-pop” grocery stores (known locally as “kiryana” stores). That use the platform to buy inventory from suppliers.
Bazaar has now raised $37.8 million in total funding, including a $6.5 million seed round in January and a $1.3 million pre-seed round in June 2020.
Saad Jangda and Hamza Jawaid founded Bazaar in 2019. Janga previously worked as a product manager for Careem, a local Uber subsidiary. And Jawaid previously worked for McKinsey, a management consulting firm.
Moreover, in recent months, Pakistan’s government has taken steps to develop a more permissive regulatory framework for the country’s crypto sector.
Pakistan’s Securities and Exchange Commission released a consultation paper in November. That looked into the advantages of crypto assets and tokenization. Industry input on how local regulations should be developed was also welcomed in the document.
Moreover, Khyber Pakhtunkhwa, a Pakistani province. Announced in March, that it would host two hydro-powered crypto mining farms as part of a state-backed mining pilot.