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

Opinion

Vaccine uptake
26 Feb 2021

Vaccine uptake

The reasons for refusal need to be carefully recorded.

Editorial

Terrorist’s escape
Updated 26 Feb 2021

Terrorist’s escape

It is not clear how many military personnel were involved in this incident and what the investigation into their actions revealed.
26 Feb 2021

Penalising filers

THE FBR has decided to penalise taxpayers filing their returns late. Apparently, these filers will be required to ...
26 Feb 2021

Corporal punishment

FOR a child born in our society, the cycle of violence begins early. The first taste of violence often comes at the...
IHK & human rights
Updated 25 Feb 2021

IHK & human rights

If India continues to be pampered and the Kashmiris’ plight ignored, peace in South Asia will remain a distant dream.
25 Feb 2021

A better law

THAT the Sindh Police has taken an initiative to bring improvements to the criminal justice system is a positive...
25 Feb 2021

Power breakdown report

A NEPRA inquiry into last month’s power breakdown that left almost the entire country without electricity for up ...