Bazaar Technologies Pvt expects to reach profitability in the coming quarters, marking a key milestone for the five-year-old startup as it seeks to become Pakistan’s leading e-commerce and fintech platform, Bloomberg reported.
Co-founded by Hamza Jawaid and Saad Jangda in 2020, the company aims to replicate the success of global giants like China’s Alibaba and South America’s MercadoLibre.
This week, Bazaar took a significant step forward by acquiring digital payments platform Keenu, a move that strengthens its fintech services and expands its reach.
The startup, backed by Tiger Global Management and other investors, has navigated the challenges of Pakistan’s volatile economy and attracted major investment despite recent corporate setbacks in the tech industry.
Jawaid, speaking to Bloomberg News, emphasised the company’s strong financial position, which enabled the acquisition. Since its launch, Bazaar has raised $100 million across two funding rounds, a record for a Pakistani startup. Along with Tiger Global, its investors include Defy Partners, Wavemaker Partners, and Dragoneer Investment Group.
Rather than seeking additional capital, Jawaid is focused on expanding the company’s offerings, which started by assisting merchants with inventory management and platform management and shifted towards direct consumer sales in 2024.
With more than half of Pakistan’s population under the age of 30, Bazaar views fintech as a key area for attracting tech-savvy users. The company aims to create a comprehensive shopping and payment ecosystem for Pakistan, similar to models in the US and China, where companies like Amazon and Alibaba dominate the digital space.
With its acquisition of Keenu, Bazaar is now connecting merchants across over 150 cities and offering mobile wallets and digital payment solutions.
