Qist Bazaar co-founders Arif Lakhani (L) and Karim Gilani
Qist Bazaar, a buy-now-pay-later company based in Pakistan, has received US$3.2 million in Series A financing led by Indus Valley Capital, with participation from Gobi Partners.
The capital will accelerate the fintech startup’s growth by expanding its product portfolio, enhancing its technology infrastructure, and scaling operations across Pakistan. The company plans to establish a presence in Islamabad, Sukkur, Faisalabad, and Multan and increase capacity in Karachi and Lahore.
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Additionally, new product categories, such as solar power generators for small households, are being introduced.
Qist Bazaar provides installment-based payment solutions to unbanked and underbanked segments of the population. It enables Pakistanis from all walks of life to purchase essential goods, such as mobile phones and home appliances through affordable monthly payments.
Since its inception three years ago, the platform claims to have disbursed over 55,000 product-based loans amounting to US$12 million,
The platform caters to a wide range of customers, from those with no financial history to individuals already banking at established institutions.
Qist Bazaar’s customers include domestic workers, rickshaw drivers, students, and micro-entrepreneurs to access installment-based financing.
The company has also introduced a hybrid scoring model that leverages traditional and alternative methods to assess creditworthiness, making it easier for unbanked consumers to participate in the formal financial system.
Qist Bazaar has benefitted from an early equity partnership with Bank Alfalah, which led their seed round. As part of this strategic collaboration, It will get access to debt financing from some of Pakistan’s leading financial institutions, further enhancing its capacity to serve customers with limited or no access to formal credit.
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Aatif Awan, founder and managing partner at Indus Valley Capital, said, “We see enormous potential in Qist Bazaar’s ability to fundamentally reshape consumer financing in Pakistan, similar to what Bajaj Finance did for India.”
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