Pakistani fintech startup raises $70 million in Series B financing

Bazaar founders Saad Jangda and Hamza Jawaid pose for a picture. (Photo courtesy: Bazaar)

• It makes Bazaar one of best capitalized platforms in the country’s young startup ecosystem
• Startup seeks to bring online Pakistan’s $170bln retail economy, conprising 5mln enterprises

KARACHI: Pakistani business-to-business fintech startup Bazaar has raised $70 million in a Series B funding round, the platform said on Tuesday, taking the total funding to $100 million in less than two years. 
The latest funding, led by Dragoneer Investment Group and Tiger Global, makes the platform one of best capitalized in the country’s young startup ecosystem. 
The platform seeks to bring online Pakistan’s $170 billion retail economy consisting of some 5 million small and medium enterprises, which remain primarily offline, a company statement said. 
Pakistan has one of the world’s largest un-banked populations. 
“We believe that Pakistan is at an inflection point in its tech ecosystem development,” John Curtius, partner at Tiger Global Management, said according to the statement. 
“Bazaar is tapping into the massive merchant opportunity and is leading the charge in the country.”