Blockchain Startup In Pakistan Dubbed Bazaar Secures $30 million In Funds
2021年8月26日 - 1:36AM
NEWSBTC
Bazaar Technologies, a Pakistani blockchain marketplace,
successfully raised about $30M in Pakistani’s biggest Series A
round. An announcement made by Bazaar states that August 24th will
be the closing of its raise. It also reveals that Singapore’s
Wavemaker Partners and Silicon Valley-based Defy Partners were the
leaders of the funding round. Many other investors also
participated in the funding round, including Japan’s Saison
Capital, LinkedIn, Endeavor, and numerous present-day investors
such as Alter Global and Indus Valley Capital. Related Reading |
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Feature In Pakistan, Bazaar asserts that they are the leading
Business-to-business marketplace group for small-scale merchants.
They serve up to 750,000 merchants across 400 villages and towns.
The majority of those that make use of Bazaar are small-scale
‘mom-and-pop grocery stores known locally as “Kiryana Stores.” They
buy stock from suppliers through this platform. Bazaar’s round this
period has grown its funding to $37.8 million. This figure grew
from its $6.5M seed round of January 2021 after eight months of its
launching and its pre-seed round of $1.3M in June 2020. The
seed-round was co-led by the Global Founders Capital based in
Berlin. The seed round was the firm’s first Pakistani investment.
Also, VC Indus Valley Capital is another partner in the June seed
round last year. Bazaar Seed Round Is The Largest In Pakistan
Furthermore, the data shows that this latest seed round is the
largest of its kind ever raised in Pakistan at a startup level. As
a result of this raise, Bazaar right now has a total of $7.8
million. This makes it the largest funded startup in all of
Pakistan. Furthermore, Bazaar also brought in top global and
regional organizations as well as angel investors. For example,
Wavemaker Partners based in Singapore, Early-stage VC S7V, Saudi’s
Derayah Venture Capital, and Next Billion Ventures based in the
United States participate in the seed round. Hamza Jawaid and Saad
Janda founded Bazaar in 2019. Janga was formerly the product
manager of Careem, a local Uber subdivision, whereas Jawaid worked
in McKinsey, a management consulting company. In recent months, the
Pakistani government has initiated strategic ways of building a
better regulatory apparatus that will be permissive to the
country’s crypto sector. Related Reading | 37% Of U.S.
Investors Decline To Liquidate Cryptocurrency Assets in Bearish
Situations The Pakistani Securities and Exchange Commission issued
a consultation paper in November. The paper surveyed the advantages
of cryptocurrency assets as well as tokenization. In addition, the
paper also embraced the industry feedback regarding the development
of local regulations. In March, Khyber Pakhtunkhwa, a Pakistani
province, announced how it would manage two hydro-powered
cryptocurrency mining farms for a government-supported mining
pilot. Featured image from Pixabay
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