Karachi-headquartered ecommerce startup Bazaar has acquired main Pakistani funds firm Keenu in a strategic transfer to create what it says could be the nation’s first built-in commerce and fintech ecosystem. The acquisition, authorised by the State Financial institution of Pakistan, marks the primary time a significant Pakistani ecommerce firm has introduced funds infrastructure in-house. The monetary particulars of the transaction weren’t disclosed.
Based in 2020 by Saad Jangda and Hamza Jawaid, Bazaar is now one in all Pakistan’s largest ecommerce platforms, with operations in 10+ cities and its personal provide chain infrastructure. It began as a B2B platform for grocery retailer homeowners and quietly expanded into shopper groceries final yr, a service presently accessible in Karachi.
The corporate has raised over $100 million in institutional funding from distinguished traders together with Dragoneer Funding Group, Tiger World, and Indus Valley Capital, positioning it as one in all Pakistan’s most well-capitalized tech startups. In response to Bloomberg, Bazaar expects to hit profitability within the subsequent few quarters.
Keenu, launched in 2013, operates as a totally licensed Digital Cash Establishment (EMI) regulated by the State Financial institution of Pakistan. The fintech firm processes over $1 billion in annual funds quantity by means of its point-of-sale terminals, sustaining a service provider presence throughout greater than 150 cities and cities nationwide.
In an announcement, Bazaar famous that the acquisition follows a confirmed international playbook, mirroring profitable integrations by firms like Alibaba’s Alipay in China, Mercado Libre’s Mercado Pago in South America, and Flipkart’s acquisition of PhonePe in India.
“That is greater than an acquisition — it’s a strategic alignment that redefines what it means to serve households and companies in Pakistan,” stated Saad Jangda, co-founder of Bazaar Applied sciences. “We’ve constructed Bazaar to be probably the most trusted commerce accomplice within the nation. Now, with Keenu’s cost infrastructure turning into a part of our stack, we’re creating the nation’s first actually built-in commerce-fintech platform.”
Saad Niazi, co-founder and CEO of Keenu, emphasised the complementary nature of the partnership: “We’ve spent the final decade digitising funds infrastructure throughout Pakistan. By becoming a member of forces with Bazaar, we’re not solely increasing our attain — we’re accelerating the motion towards a cashless, digital and linked Pakistan.”
Each firms will proceed working independently whereas aligning strategically, preserving their particular person strengths. The transfer aligns with the State Financial institution of Pakistan’s Nationwide Cost Technique to “open the retail funds market to non-banks” and its Imaginative and prescient 2028 to “allow and promote revolutionary product design by leveraging expertise to construct an inclusive monetary ecosystem.”
Past its core ecommerce platform spanning 30+ product classes with next-day supply, Bazaar additionally operates Simple Khata, a digital ledger app serving to clients handle each day bookkeeping. Keenu’s companies embody point-of-sale options, on-line cost gateways, and cell pockets functions.
Publish Views: 11
Most Versatile Impartial Sponsor Fairness Traders
Impartial sponsors frequently encounter offers that don’t match commonplace funding templates. They could discover a household enterprise with a posh…
Abu Dhabi Chamber studies 97.8% surge in youth memberships with $4.05bn capital
The Abu Dhabi Chamber of Commerce and Trade has reaffirmed its dedication to empowering younger individuals and strengthening their position…