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E-Commerce Startup Bazaar Scores Pakistan’s Second-Biggest Funding Round

  • Bazaar raised $70 million in nation’s second-largest funding
  • Pakistan’s startup scene saw record investment last year
Bazaar cofounders Hamza Jawaid, left, and Saad Jangda.
Bazaar cofounders Hamza Jawaid, left, and Saad Jangda.Source: Bazaar Technologies Pvt.

Pakistan’s e-commerce startup Bazaar Technologies Pvt. raised $70 million in funding led by Dragoneer Investment Group and Tiger Global Management, scoring the nation’s second-largest funding round.

It marks the first investment by Dragoneer in the world’s fifth-largest nation, which had a breakout year for startups in 2021. Pakistan companies raised more than $350 million last year, greater than the amount over the previous six years combined. Among the venture capital firms making their first-time investments in the country recently are Kleiner Perkins, FJ Labs and RTP Global.