New Delhi/Islamabad– Pakistan-based fintech startup Bazaar on Tuesday raised $70 million in its Series B round from US-based investment firm Tiger Global and Dragoneer Investment Group to tap into 5 million small and medium-sized retailers across the country.
Bazaar aims to build what it calls an “operating system for traditional retail” in Pakistan to address a $170 billion market, Fortune reported.
Existing investors are Indus Valley Capital, Defy Partners, Acrew Capital, Wavemaker Partners, B&Y Venture Partners and Zayn Capital.
Bazaar has raised over $100 million to date.
The startup’s B2B e-commerce marketplace uses ‘Easy Khata’ app that helps them maintain bookkeeping.
Its financial arm called Bazaar Credit offers small merchants short-term capital.
“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,” Bazaar Co-founder Saad Jangda was quoted as saying in the report.
Bazaar has so far made the service available to retailers in 21 cities and towns across Pakistan.
Easy Khata has garnered over 2.4 million registered businesses across 500 cities in Pakistan.
Merchants have recorded over $10 billion in annualized bookkeeping transaction value on Easy Khata.
“We believe that Pakistan is at an inflection point in its tech ecosystem development. Bazaar is tapping into the massive merchant opportunity and is leading the charge in the country,” said John Curtius, a partner at Tiger Global Management.
Startups in Pakistan raised more than $350 million last year. (IANS)