E-commerce startup wins second largest funding round
Bazzar Technologies Pvt. Ltd., a Pakistani e-commerce business, raised $70 million from Dragoneer Investment Group and Tiger Global Management in the country’s second-largest fundraising round.
Startups in Pakistan receive record investment in 2021
This is Dragoneer’s first investment in China, the world’s fifth-largest economy, which saw a startup breakthrough in 2021. Pakistani businesses raised more than $350 million last year, for a total of more than $650 million during the previous six years.
Bazzar is aiming for $170 million in domestic retail, which is mostly done offline. The platform of the firm connects supply chains for family-owned businesses and assists them in digitizing transactions and inventory management.
While neighboring India has long had a flourishing startup industry, security concerns, electricity problems, and a lack of digital infrastructure make Pakistan a riskier gamble for international investors.
However, the country’s potential for financial and retail businesses is enormous. Two-thirds of the population of more than 200 million is under 30, and the number of Internet users has more than quadrupled to nearly 110 million in the previous five years.