KARACHI: A less than one-year-old business start-up has raised a $6.5 million funding pool in one of the biggest seed rounds in the city, a top official reported on Tuesday, which is seen as a milestone for the country’s developing digitising sector and the rising potential of e-commerce markets.
The announcement came from Abdul Razak Dawood, Commerce Advisor, who took to the social media site to share the big achievement of two young entrepreneurs who just eight months ago formed the firm.
Calling it a ‘impressive’ development, he asked the youth of the country to come forward and capitalise on the rising potential.
I congratulate Bazaar Technology on collecting $6.5 million successfully in what is now being called as one of the larger seed rounds in the country,” Dawood tweeted.”
This is remarkable, given the fact that the start-up was established in Karachi just 8 months ago by two young people to digitise the conventional retail market in Pakistan. I have always invested in our young people’s entrepreneurship & this speaks volumes about their talents. I wish them success and encourage our young entrepreneurs to imitate this, as Pakistan is one of the largest future e-commerce markets in the world with a large population base.
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Bazaar, founded by Hamza Jawaid and Saad Jangda during the national lockdown amid rising pandemic concerns, provides small and medium-sized retailers with access to a wide variety of items from various resources on a single marketplace through digital technologies. The business, a B2B e-commerce startup, beat its first year goal of registering 800 retailers before hitting 10,000, with the number still rising.