Bazaar buys the payment platform Keenu, a new milestone in vertical integration of Pakistani electricians and payments

Bazaar Technologies, Pakistan ‘ s largest electrician platform, recently announced that it had obtained approval from the National Bank of Pakistan to complete the acquisition of Keenu, the digital payment platform, and that the amount of the purchase had not been made public. The statement stated: “This is the first time that Pakistan’s large e-commerce company has introduced payment infrastructure internally, an initiative that will bring the potential for change to millions of consumers and businesses across the country.”

According to Bloomberg, Bazaar ‘ s financing will be over $100 million, invested by Dragoneer Investment Group, Tiger Global Management and Indus Valley Capital. The co-founder of Bazaar, Saad Jangda, stated: “This is not just an acquisition, but a strategic alliance, which redefines the meaning of serving millions of Pakistani families and businesses.” “We are committed to making Bazaar the most trusted business partner in India. Now, as Keenu’s payment infrastructure joins our system, we are building India’s first truly integrated commercial financial science and technology platform, which aims to simplify, harmonize and empower clients throughout the country.”

Bazaar Technologies, founded in 2020 and founded by Saad Jangda and Hamza Jawaid, was originally located as a B2B power company platform for retailers such as grocery stores and has now been extended to the consumer market. The platform covers 10 cities and has a self-built supply chain and supports retailers in the management of their accounts through the Easy Khata digital booking application. Keenu was established in 2013 as Pakistan ‘ s largest stand-alone digital payment platform, processing payments in excess of $1 billion per year, with a network of services covering 150 cities. Keenu, which provides POS terminals, online payment gateways and mobile wallet services, is the electronic money agency authorized by SBP and plays a key role in facilitating cashless transactions.

By so doing, Bazaar plans to build Pakistan’s first truly integrated electrician and payment platform, similar to the Alipay model in Alibaba, to simplify consumer and business experiences and increase digital economic penetration. The 10 cities in Bazaar, combined with 150 urban networks in Keenu, will significantly expand their services, especially in remote areas. Keenu’s mobile wallets and POS solutions can increase the payment flexibility of Bazaar and attract more SMEs. Bazaar ‘ s goal is to make a profit in the next few quarters, and this acquisition optimizes the cost structure of the service by consolidating payments and is expected to increase profitability through cross-service income (e.g., payment of fees).