Karachi-based e-commerce marketplace Bazaar has raised $1.3 million, making it the largest pre-seed round in Pakistan. Indus Valley Capital (IVP), a Pakistan-based fund led the round. IVP is a project of Atif Awan, LinkedIn’s former VP Growth who also led early investments in Airlift.
The biggest gain for Bazaar during the round was an investment from Alter Global, a Silicon Valley-based fund for emerging markets. It marks their first-ever investment in Pakistan. Besides, some investors from the Middle East & Pakistan also participated in the round.
The round was organized and conducted entirely on Zoom over a period of 12 days, whereas, the founder, Saad Jangda and Hamza Jawaid, received the term sheet just ten days after the first pitch.
Bazaar, a startup launched just two months ago, connects retailers (grocery stores only for now) with wholesalers and manufacturers. It allows retailers to source inventory for their stores through a Mobile application.
Through Bazaar, small retail shops, and general stores can order groceries such as pulses, flour, wheat, tea, drinks, and different items for free next day delivery to their storefronts in Karachi. The service is initially available for Karachi and will be expanded to other cities as well.
The startup is the brainchild of Saad Jangda and Hamza Jawaid – both experienced entrepreneurs. While Saad was one of the founding team members of Careem Now, Hamza was previously a Management Consultant with McKinsey.