Qist Bazaar, Pakistan’s Buy Now Pay Later (BNPL) fintech startup, announced that it has secured $3.2 million in its Series A funding round.
The round was led by Indus Valley Capital, with “participation from Gobi Partners, a prominent Asia-focused venture capital firm with $1.6 billion in assets under management (AUM).”
Bank Alfalah, one of Pakistan’s largest commercial banks “has already invested in Qist Bazaar, leading the seed round.”
This milestone transaction marks the first time “an international VC has teamed up with a leading Pakistani commercial bank to take an equity stake in a BNPL fintech.”
Qist Bazaar, licensed by the Securities and Exchange Commission of Pakistan (SECP) as a Non-bank Financial Company (NBFC), “provides installment-based payment solutions to unbanked and underbanked segments of the population.”
In three years, the platform has disbursed “over 55,000 product-based loans amounting to $12 million, enabling Pakistanis from all walks of life to purchase essential goods like mobile phones and home appliances through affordable monthly payments.”
Qist Bazaar’s success lies in its “inclusive approach: the platform caters to a wide range of customers, from those with no financial history to individuals banking at established institutions.”
By adopting a simple eligibility criterion—”Every Pakistani”—Qist Bazaar has enabled underserved groups “like domestic workers, rickshaw drivers, students, and micro-entrepreneurs to access installment-based financing.”
The company also introduced “a hybrid scoring model that leverages traditional and alternative methods to assess creditworthiness, making it easier for unbanked consumers to participate.”
Arif Lakhani, Co-founder and CEO at Qist Bazaar, shared:
“At Qist Bazaar, we are committed to bringing fundamental needs of Pakistanis within their reach. Home essentials are necessities, not luxuries, yet many cannot afford them. With our investors support, we offer flexible payment plans, making these essential items accessible to everyone.”
Qist Bazaar has benefitted from “an early equity partnership with Bank Alfalah, which led their seed round.”
As part of this collaboration, Qist Bazaar will “receive debt financing from some of Pakistan’s leading financial institutions, amplifying the ability to serve customers who have limited or no access to formal credit.”
Indus Valley Capital, the lead “for the series A round, is a prominent investor known for being the first VC to back several category-leading Pakistani startups including Bazaar, Maqsad, BridgeLinx and Farmdar.”
Aatif Awan, Founder and Managing Partner at Indus Valley Capital, shared,
“We see enormous potential in Qist Bazaar’s ability to fundamentally reshape how consumer financing is done in Pakistan, similar to what Bajaj Finance did for India. What excites us here is not just the market opportunity but the impact that Qist Bazaar can have on the everyday lives of millions of Pakistanis.”
Unlike many high-growth fintech startups, Qist Bazaar has been EBITDA-positive since day one, “reflecting the company’s strong unit economics and focus on sustainable growth.”
This disciplined approach, combined with a growing customer base and a low delinquency rate, underscores Qist Bazaar’s potential “to become a leading player in Pakistan’s BNPL market.”
