Bazaar buys payments firm Keenu and says profit is quarters away
Karachi's best funded startup has completed its purchase of the State Bank licensed wallet and point of sale company, folding payments into its commerce platform.
Bazaar Technologies completed its acquisition of Keenu, a Pakistani digital payments company, in the week of 9 July 2025, Bloomberg reported. The price was not disclosed. Keenu, operated by Wemsol, is regulated by the State Bank of Pakistan as an electronic money institution and offers mobile wallets, point of sale terminals and card, QR and Raast acceptance to merchants, with coverage in more than 150 cities according to Nukta's account of the Bloomberg report.
The Competition Commission of Pakistan had cleared Bazaar's purchase of a 100 per cent stake in Wemsol in March 2025, Digital Pakistan reported, finding no competition concern because the two companies operated in different sectors.
cofounder Hamza Jawaid told Bloomberg the company had a very strong balance sheet, was not actively raising capital, and expected to reach profitability in the coming quarters. Bazaar's investor Wavemaker Partners said the deal created Pakistan's first integrated ecommerce and payments platform. Bazaar, founded in 2020 by Jawaid and Saad Jangda, has raised $100 million across its two largest rounds from investors including Tiger Global, Dragoneer, Defy Partners and Wavemaker, which Bloomberg described as the most ever by a Pakistani startup.
The company began by supplying inventory to small shops and moved into direct to consumer sales in 2024. Jawaid's stated aim is an end to end commerce and payments business on the model of Alibaba or MercadoLibre.
