Bazaar Technologies Acquires Keenu to Integrate Payments Infrastructure

E-commerce platform Bazaar Technologies declared Wednesday its procurement of the payments company Keenu for an undisclosed sum.

According to a released statement, this acquisition marks a first for a major e-commerce player in Pakistan, bringing payments infrastructure operations internally. This strategic decision holds potential to transform the experience for a multitude of consumers and businesses nationwide.

Saad Jangda, co-founder of Bazaar, stated that this is more than just an acquisition but a strategic alignment that is redefining the standard of service for households and businesses in Pakistan.

Bazaar has been built to be the most trusted commerce partner in the country, Jangda added. With the integration of Keenu’s payment infrastructure, the company is creating the first truly integrated commerce-fintech platform in the country, designed to empower and unify customers all over Pakistan.

Past Approval and Integrated Ecosystem

This announcement follows the Competition Commission of Pakistan’s approval four months prior, which granted Bazaar Technologies the permission to acquire 100% of the shareholding in Wemsol (Private) Limited, the operating company behind Keenu.

Wednesday’s statement elaborated that this acquisition will enable consumers and businesses to conduct transactions within a unified and seamlessly connected environment, making it a first for the country.

The statement highlighted that globally, similar strategies have found success among e-commerce companies, such as Alibaba’s creation of Alipay in China, Mercado Libre’s launch of Mercado Pago in South America, and Flipkart’s acquisition of PhonePe in India. These instances highlight that combining commerce and payments is crucial for providing a smooth end-to-end customer journey.

The acquisition demonstrates the increasing maturity of Pakistan’s tech ecosystem through the incorporation of fintech and e-commerce solutions.

Bazaar and Keenu Backgrounds

Bazaar Technologies, established in 2020, possesses its own supply chain network spanning around 10 cities. The company has secured over $100 million in institutional funding, with support from Dragoneer Investment Group, Tiger Global, and Indus Valley Capital.

Keenu, launched in 2013, functions as a digital payments platform, facilitating over $1 billion in annual payments via its point-of-sale (POS) terminals and maintaining a presence in over 150 cities and towns across Pakistan. It is fully licensed and regulated by the State Bank of Pakistan (SBP) as an Electronic Money Institution (EMI).

Saad Niazi, CEO of Keenu, mentioned that the partnership marks a new chapter for Keenu’s mission. He added that they have spent the last decade digitizing payments infrastructure across Pakistan and that by joining forces with Bazaar, they are not only expanding their reach but accelerating the move toward a cashless, digital, and connected Pakistan.

Strategic Timing and Market Dynamics

According to the joint statement from both companies, the timing of the acquisition is strategically important, considering Pakistan’s digital transformation is rapidly gaining momentum. The market, with over 190 million mobile connections, an increase in smartphone adoption, and a young, digitally inclined population, is ready for integrated tech solutions, though financial inclusion remains a substantial challenge.

However, this announcement also comes at a time when the e-commerce sector in Pakistan is facing increased costs, following the introduction of new taxes on courier services as part of the Finance Act 2025.

A Bazaar spokesperson told Business Recorder that while 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 favor of digital.

Bazaar and Keenu maintain a positive outlook, anticipating continued growth in market opportunities over time.

The SBP has sanctioned the acquisition, and both Bazaar and Keenu will continue their operations independently, maintaining their individual strengths while strategically coordinating.

They stated that this aligns with the SBP’s objectives for the ecosystem, as outlined in the National Payment Strategy, to broaden the retail payments market to include non-banks, and in Vision 2028, to enable and promote innovative product design by utilizing technology to establish an inclusive financial ecosystem.