E-commerce platform Bazaar Technologies announced Wednesday that it has acquired payments company Keenu for an undisclosed amount.<\/p>\n
According to a statement, \u201cthis marks the first time a major Pakistani e-commerce company is bringing payments infrastructure in-house – a strategic move with transformative potential for millions of consumers and businesses across the country.\u201d<\/p>\n
\u201cThis is more than an acquisition \u2014 it\u2019s a strategic alignment that redefines what it means to serve households and businesses in Pakistan,\u201d said Saad Jangda, co-founder of Bazaar, whose total institutional funding is over $100m, backed by Dragoneer Investment Group, Tiger Global and Indus Valley Capital. This makes it Pakistan\u2019s \u2018best-funded\u2019 startup, according to\u00a0Bloomberg<\/em>.<\/p>\n The report also said Bazaar expects to hit profitability in coming quarters<\/p>\n \u201cWe\u2019ve built Bazaar to be the most trusted commerce partner in the country. Now, with Keenu\u2019s payment infrastructure becoming part of our stack, we\u2019re creating the country\u2019s first truly integrated commerce-fintech platform \u2014 designed to simplify, unify, and empower our customers across the country,\u201d Jangda said in the statement.<\/p>\n The news comes four months after it was reported that the Competition Commission of Pakistan\u00a0had granted approval\u00a0to Bazaar Technologies for the acquisition of 100% shareholding in Wemsol (Private) Limited – which operates Keenu.<\/p>\n In Wednesday\u2019s statement it explained that through this acquisition consumers and businesses can make payments, \u201cwithin a single, seamlessly connected ecosystem, a first for Pakistan.\u201d<\/p>\n It went on to say that globally, this approach has proven successful with e-commerce companies, as seen with Alibaba\u2019s creation of Alipay in China, Mercado Libre\u2019s launch of Mercado Pago in South America, and Flipkart\u2019s acquisition of PhonePe in India \u2014 \u201cdemonstrating that integrating commerce and payments is key to delivering a seamless, end-to-end customer experience.\u201d<\/p>\n \u201cThis acquisition reflects the growing maturity of Pakistan\u2019s tech ecosystem with the integration of fintech and e-commerce,\u201d the statement added.<\/p>\n Bazaar Technologies, founded in 2020, has its own supply chain infrastructure serving roughly 10 cities.<\/p>\n Meanwhile Keenu, launched in 2013, is a home-grown digital payments<\/a> platform, enabling over $1 billion in annual payments volume through its point-of-sale (POS) terminals with a merchant presence in over 150 cities and towns in Pakistan. It is regulated by the State Bank of Pakistan (SBP) as a fully licensed Electronic Money Institution<\/a> (EMI).<\/p>\n \u201cThis partnership marks a new chapter for Keenu\u2019s mission,\u201d said Saad Niazi, CEO of Keenu. \u201cWe\u2019ve spent the last decade digitising payments infrastructure across Pakistan. By joining forces with Bazaar, we\u2019re not only expanding our reach \u2014 we\u2019re accelerating the movement toward a cashless, digital and connected Pakistan. Our strengths are complementary, our visions aligned, and our commitment to impact stronger than ever.\u201d<\/p>\n The joint statement issued by the companies claimed that \u201cthe timing of this move is very strategic given Pakistan\u2019s digital transformation is gathering unprecedented momentum. With over 190 million mobile connections, rising smartphone adoption, and a young, digital-native population, the market is primed for integrated tech solutions \u2014 yet financial inclusion remains a major gap.\u201d<\/p>\n But the announcement also comes at a time when the cost of doing business for Pakistan\u2019s e-commerce sector has significantly increased following the imposition of new taxes on courier services under the Finance Act 2025.<\/p>\n A Bazaar spokesperson told\u00a0Business Recorder<\/em>\u00a0that \u201cwhile there are taxes imposed to increase documentation across all businesses, there are still many regulatory tailwinds to benefit the overall digitisation of commerce and payments in the country in addition to rapidly changing consumer behaviours in favour of digital.\u201d<\/p>\n \u201cIn the long run, Bazaar and Keenu are bullish and hopeful that the market opportunity continues to increase.\u201d<\/p>\n The acquisition has been approved by the SBP and both Bazaar and Keenu will continue to operate independently, \u201cpreserving their strengths while aligning strategically.\u201d<\/p>\nIs the budget changing how government views e-commerce?<\/strong><\/h2>\n
Timing of the move<\/strong><\/h2>\n
Pakistan\u2019s e-commerce sector faces operational costs surge amid new taxes<\/strong><\/h2>\n