Pakistani blockchain-powered business-to-business (B2B) marketplace, Bazaar Technologies, has secured $ 30 million in the country’s largest Series A round to date.

Bazaar announced the completion of its most recent raise on August 24, revealing that Silicon Valley’s Defy Partners and Singapore’s Wavemaker Partners had led the funding round.

Dozens of other investors also took part in the round, including Endeavor, LinkedIn, Japan’s Saison Capital, and existing investors Industal Capital and Alter Global.

Bazaar claims to be the leading B2B marketplace platform for small merchants in Pakistan, serving 750,000 merchants in 400 cities 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 goods from vendors.

Bazaar’s most recent round brings the company’s total funding to $ 37.8 million, building on the $ 6.5 million seed round this January and the pre-seed round of $ 1.3 million Dollars in June 2020.

Bazaar was founded in 2019 by Saad Jangda and Hamza Jawaid. Janga previously worked as a product manager at the local Uber subsidiary Careem, while Jawaid worked for the management consultancy McKinsey.

Related: Crypto users are calling for the Pakistani government advisor to be reinstated after his sudden resignation

The Pakistani government has taken steps in recent months to develop a more permissive regulatory apparatus for the country’s crypto sector.

In November, the Pakistani Securities and Exchange Commission published a consultation paper examining the benefits of crypto assets and tokenization. The document also welcomed industry feedback on how local regulations should be developed.

In March, Pakistan’s Khyber Pakhtunkhwa Province announced it would host two hydropower-powered crypto-mining farms for a government-sponsored pilot mining project.


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