Bazaar acquires Keenu to create ‘integrated commerce-fintech platform’

E-commerce platform Bazaar Technologies announced Wednesday that it has acquired payments company Keenu for an undisclosed amount.

According to a statement, “this 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.”

“This is more than an acquisition — it’s a strategic alignment that redefines what it means to serve households and businesses in Pakistan,” said Saad Jangda, co-founder of Bazaar.

“We’ve built Bazaar to be the most trusted commerce partner in the country. Now, with Keenu’s payment infrastructure becoming part of our stack, we’re creating the country’s first truly integrated commerce-fintech platform — designed to simplify, unify, and empower our customers across the country.”

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The news comes four months after it was reported that the Competition Commission of Pakistan had granted approval to Bazaar Technologies for the acquisition of 100% shareholding in Wemsol (Private) Limited - which operates Keenu.

In Wednesday’s statement it explained that through this acquisition consumers and businesses can make payments, “within a single, seamlessly connected ecosystem, a first for Pakistan.”

It went on to say that globally, this approach has proven successful with e-commerce companies, as seen with 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 — “demonstrating that integrating commerce and payments is key to delivering a seamless, end-to-end customer experience.”

“This acquisition reflects the growing maturity of Pakistan’s tech ecosystem with the integration of fintech and e-commerce,” the statement added.

Bazaar Technologies, founded in 2020, has its own supply chain infrastructure serving roughly 10 cities. The company’s total institutional funding is over $100M, backed by Dragoneer Investment Group, Tiger Global and Indus Valley Capital.

Meanwhile Keenu, launched in 2013, is a home-grown digital payments 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 (EMI).

“This partnership marks a new chapter for Keenu’s mission,” said Saad Niazi, CEO of Keenu. “We’ve spent the last decade digitising payments infrastructure across Pakistan. By joining forces with Bazaar, we’re not only expanding our reach — we’re 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.”

Timing of the move

The joint statement issued by the companies claimed that “the timing of this move is very strategic given Pakistan’s 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 — yet financial inclusion remains a major gap.”

But the announcement also comes at a time when the cost of doing business for Pakistan’s e-commerce sector has significantly increased following the imposition of new taxes on courier services under the Finance Act 2025.

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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 favour of digital.”

“In the long run, Bazaar and Keenu are bullish and hopeful that the market opportunity continues to increase.”

The acquisition has been approved by the SBP and both Bazaar and Keenu will continue to operate independently, “preserving their strengths while aligning strategically.”

They said this is in line with SBP’s aspirations for the ecosystem as established in the National Payment Strategy to “open the retail payments market to non-banks” and in Vision 2028 to “enable and promote innovative product design by leveraging technology to build an inclusive financial ecosystem”.