The $170 billion retail sector in Pakistan made up of nearly 5 million enterprises and small and medium businesses is mostly unbanked and the online community remains at far reach to these merchants who are not considered for credit by traditional financial enterprises and thus these unversed merchants are compelled to take loans from localized shark loan providers. Bazaar intends to work for the traditional retail sector by creating an operating system solely for the purpose. The two investors led Series B taking up the capital of Bazaar to $100 million. Tiger Global and Dragoneer backed Bazaar to bring in the retail sector of Pakistan under modern digitization. The Series saw existing investors like Defy Partners, Wavemaker Partners, Indus Valley Capital and many more.
As startups Dukaan, Udaan and ElasticRun are assisting business owners to go online and digitize, Amazon and Reliance are doing the same in India. Bazaar brings in all the facilities under one roof and offers services to merchants across 21 towns in Pakistan. Bazaar provides apps such as Bazaar Credit and the Easy Khata app which are used by merchants for bookkeeping and financial solutions. Bazaar by the consolidation of its services is giving merchants a more understandable digital marketplace. Credit product development, order generation and credit disbursement all in all done in-house at Bazaar, as said by Saad Jangda.
More than 2.4 million users have registered with Easy Khata, and Bazaar gets its customers from the app which is a core system of records as well as helpful for business expansion. From two cities the start-ups’ last mile network is now adding to its list three to four cities each month. Bazaar aims to reach 100 sectors both rural and urban and keep developing for Pakistan. The ample and myriad of opportunities lying to be grabbed in Pakistan Hamza and Jangda started Bazaar. Bazaar opens doors to the digitization of retail in Pakistan providing the unbanked sector and offline merchants with a digital platform, observed by Christian Jensen of Dragoneer.