Bazaar Technologies, a Pakistani blockchain-powered B2B marketplace, has announced that it has successfully secured $30 million in funding. This is currently the country’s biggest Series A so far.
The funding round has attracted a lot of investors including LinkedIn, Endeavor, Valley Capital, Aler Global, and Saison Capital.
The Pakistani blockchain marketplace claims to be the most preferred business-to-business marketplace of small merchants in the country. Its platform is currently the hub of around 750,000 merchants in Pakistan’s 400 towns and villages.
A big help for the merchants
Most of the merchants using Bazaar’s platform are “mom-and-pop” grocery stores, which are called “kiryana” stores in Pakistan. The platform has been a big help for more than half a million merchants in the country when it comes to purchasing inventory from suppliers.
The company’s latest fund round has brought total funding of $37.8 million, building on its $6.5 million seed round in January of this year and $1.3 million pre-seed round in June 2020.
Bazaar Technologies was established by Saad Janngda, who was a former product manager at Uber’s Pakistani subsidiary, and Hamza Jawaid, who worked before as a management consulting firm.
Pakistani’s crypto support
The government has been rolling out significant initiatives to create a more friendly environment for the crypto industry. Last November 2020, Pakistan’s Securities and Exchange Commission published a consultation paper studying the possible economic benefits of embracing cryptocurrencies.
The SEC even asked for feedback on its consultation paper and suggestions on how the government could implement better regulation for the country’s growing crypto industry.
Meanwhile, the province of Khyber Pakhtunkhwa has announced that it would host two hydro-powered crypto mining farms for a state-sponsored mining venture. Pakistan is expected to roll out more crypto initiatives in the near future.
Image courtesy of Cointelegraph News/YouTube
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