Karachi-based fintech Qist Bazaar has raised $3.2 million in a Collection A spherical led by Pakistan-focused VC Indus Valley Capital, and joined by Asian investor Gobi Companions. The agency beforehand raised cash from Financial institution Alfalah, a number one Pakistani industrial financial institution.
Based in 2021 by Arif Lakhani, Qist Bazaar is a purchase now pay later (BNPL) platform that permits customers to buy electronics, cell phones, house home equipment, and even motorbikes, on installments. In contrast to different BNPL providers globally or within the Center East, Qist Bazaar focuses on serving the unbanked and underbanked majority.
The platform affords these merchandise via its web site or showrooms throughout completely different cities in Pakistan. Qist Bazaar is licensed by the Securities and Trade Fee of Pakistan (SECP) as an NBFC (Non-banking Monetary Firm) and has disbursed over 55,000 product loans amounting to $12 million, in three years.
The Pakistani startup in an announcement stated that it caters to completely different teams of shoppers, starting from these with no monetary historical past to people already banking at established monetary establishments, “By adopting a easy eligibility criterion—“Each Pakistani”—Qist Bazaar has enabled underserved teams comparable to home employees, rickshaw drivers, college students, and micro-entrepreneurs to entry installment-based financing,” famous the assertion.
Qist Bazaar plans to make use of the most recent funds to develop its product portfolio, improve its tech, and scale its operations throughout the nation.
Arif Lakhani, co-founder and CEO of Qist Bazaar, stated, “At Qist Bazaar, we’re dedicated to bringing the basic wants of Pakistanis inside their attain. House necessities like ceiling followers and water dispensers are requirements, not luxuries, but many can’t afford them. With the assist of our traders, we provide versatile cost plans, making these important objects extra accessible to everybody.”
Aatif Awan, Founder and Managing Associate at Indus Valley Capital, commented, “We see huge potential in Qist Bazaar’s potential to basically reshape how client financing is completed in Pakistan, much like what Bajaj Finance did for India. What excites us right here is not only the market alternative however the affect that Qist Bazaar can have on the on a regular basis lives of thousands and thousands of Pakistanis.”
The startup claims to be EBITDA-positive since day one, reflecting its sturdy unit economics and deal with sustainable progress. Its assertion additionally famous that the platform has a low delinquency price, with out sharing any particular particulars about it.
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