Qist Bazaar raises $3.2m in Series A to boost BNPL in Pakistan

By Gloria Mathias

 Qist Bazaar, Pakistan’s Buy Now Pay Later (BNPL) FinTech startup, has secured $3.2 million in its Series A funding round. The round was led by Indus Valley Capital, with participation from Gobi Partners, an Asia-focused venture capital firm.

Qist Bazaar, an NBFC licensed by the Securities and Exchange Commission of Pakistan (SECP), provides installment-based payment solutions to unbanked and underbanked segments of the population.

Arif Lakhani, Co-founder and CEO of Qist Bazaar shared, “At Qist Bazaar, we are committed to bringing Pakistanis’ fundamental needs 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 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 an 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 consumer financing 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.”

With the recent Series A round, Qist Bazaar is poised to accelerate its 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 further increase capacity in Karachi and Lahore. Additionally, new product categories, such as solar power generators for small households, are being introduced. To extend its reach, Qist Bazaar has launched a dealer network across various categories, enabling others to market its payment plans.