Razak praises Bazaar Technology for raising $6.5m

Published January 20, 2021
Calling it an ‘impressive’ development, Commerce Adviser Abdul Razak Dawood asked the country’s youth to come forward and capitalise on the growing opportunity. — APP/File
Calling it an ‘impressive’ development, Commerce Adviser Abdul Razak Dawood asked the country’s youth to come forward and capitalise on the growing opportunity. — APP/File

KARACHI: What is seen as a breakthrough for the country’s emerging digitising industry and growing potential of e-commerce markets, a less than one-year-old business startup has raised a $6.5 million pool of investment in one of the largest seed rounds in the region, a top official announced on Tuesday.

The announcement came from Commerce Adviser Abdul Razak Dawood, who took to social media platform to share the major success of two young entrepreneurs who founded the company just eight months ago.

Calling it an ‘impressive’ development, he asked the country’s youth to come forward and capitalise on the growing opportunity.

“I congratulate Bazaar Technologies on successfully raising $6.5m in what is now being termed as one of the region’s larger seed rounds,” tweeted Dawood.

“This is impressive considering the fact that the startup was founded just 8-month ago by two youngsters at Karachi for digitising of the traditional retail sector in Pakistan. I have always believed in the entrepreneurship of our youth & this speaks volumes about their abilities. I wish them success & urge our young entrepreneurs to emulate this as with a large population base, Pakistan is one of the largest potential e-commerce markets in the world.”

Founded by Hamza Jawaid and Saad Jangda during the countrywide lockdown amid growing fears of pandemic, Bazaar through digital technology gives small- and medium-sized retailers access to a large assortment of goods from multiple resources on a single platform. A B2B e-commerce startup, the company beat its first year target of enrolling 800 retailers while reaching out to 10,000 with the number still growing.

Published in Dawn, January 20th, 2021

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

First steps
Updated 29 May, 2024

First steps

One hopes that this small change will pave the way for bigger things.
Rafah inferno
29 May, 2024

Rafah inferno

THE level of barbarity witnessed in Sunday’s Israeli air strike targeting a refugee camp in Rafah is shocking even...
On a whim
29 May, 2024

On a whim

THE sudden declaration of May 28 as a public holiday to observe Youm-i-Takbeer — the anniversary of Pakistan’s...
Afghan puzzle
Updated 28 May, 2024

Afghan puzzle

Unless these elements are neutralised, it will not be possible to have the upper hand over terrorist groups.
Attacking minorities
28 May, 2024

Attacking minorities

Mobs turn into executioners due to the authorities’ helplessness before these elements.
Persistent scourge
Updated 29 May, 2024

Persistent scourge

THE challenge of polio in Pakistan has reached a new nadir, drawing grave concerns from the Technical Advisory Group...