Pakistan's Bazaar Technologies eyes profitability as it acquires Keenu

Bazaar Technologies Pvt., one of Pakistan's most-funded startups, expects to achieve profitability in the coming quarters, marking a key milestone for the five-year-old company as it ramps up ambitions to become the country’s leading e-commerce and fintech platform, Bloomberg reported.

The company, co-founded in 2020 by Hamza Jawaid and Saad Jangda, took a significant step toward that goal this week with the acquisition of digital payments firm Keenu, expanding its footprint in Pakistan’s rapidly evolving digital economy.

In an interview with Bloomberg News, Jawaid said the startup currently has a “very strong balance sheet”, which enabled it to pursue the acquisition and deepen its market presence. He added that Bazaar is not actively raising more capital at the moment and is instead focused on scaling operations and expanding services.

Backed by notable global investors including Tiger Global Management, Defy Partners Management LLC, Wavemaker Partners LLC, and Dragoneer Investment Group, Bazaar has raised $100 million in two funding rounds, the most ever secured by a Pakistani startup.

Despite economic headwinds and several high-profile startup collapses in the country, Bazaar has continued to grow, positioning itself as a bellwether for Pakistan’s nascent tech industry.

Originally launched as a platform to help merchants source inventory and manage operations, Bazaar entered the direct-to-consumer space in 2024. Now, with a population where over half is under the age of 30, the startup sees fintech as a powerful avenue to capture Pakistan’s young, tech-savvy demographic.

The acquisition of Keenu, a payments platform with merchant coverage in over 150 cities, gives Bazaar a stronger foothold in digital payments, including mobile wallets and point-of-sale (POS) services. The move aligns with Jawaid’s broader vision to build an end-to-end commerce and payment system, akin to the full-stack models of Alibaba in China and MercadoLibre in South America.