Karachi 15 March 2022: Bazaar, a B2B marketplace from Pakistan, has raised $70 million in Series B financing. Bazaar founders Saad Jangda and Hamza Jawaid always had weighty ambitions for their business, which is today announcing the successful completion of a $70m Series B funding round. “We wanted to create an awesome company in Pakistan that people would want to work for,” says Jawaid. “We’d both had the privilege of a good education and spent time working abroad, and we were very conscious of this feeling that you had to leave Pakistan to make it.”
Jangda adds: “This fund raising sends a huge message – it proves that you can build large and scalable businesses in Pakistan, and that should be an inspiration to other founders and entrepreneurs.”
The business has certainly come a long way in a short space of time. Two years ago, childhood friends Jangda and Jawaid had not even launched Bazaar. They were still looking around for a big idea that provided the potential to build a business on the scale they were aspiring to.
Eventually, they settled on Pakistan’s retail sector, where huge fragmentation and inefficiency provided a real opportunity for a technology-enabled solution. The pair launched Bazaar in June 2020. “We wanted to create a generation-defining business that would put Pakistan on the map,” Jawai adds.
Bazaar targets the 5 million or so small and medium-sized retailers operating across Pakistan. These businesses faced a huge procurement challenge, the founders realised, dealing with complex supply chains that could involve them receiving 30 or more small deliveries each day; some supplies of basic materials such a flour and sugar even have to be bought from local wholesalers, forcing retailers to shut up shop while they are out.
Instead, Bazaar offers an integrated procurement solution. Using a simple digital interface, available via a smartphone app, retailers can choose from several thousand items of stock listed on the Bazaar platform, with next-day delivery guaranteed. Suddenly, they’re sourcing most of their stock from a single provider, receiving it in a single delivery, and often at cheaper prices - not least because they no longer need to deal with a string of intermediaries.