DealCart Secures $3 Million Seed Funding to Revolutionize Pakistani E-commerce
DealCart, a pioneering social e-commerce startup, has successfully raised $3 million in a Seed funding round led by Shorooq Partners and Sturgeon Capital. The funding round also saw participation from 500 Global, Evolution VC, Rayn Capital, and Khyber Venture Partners.
This capital infusion will bolster DealCart’s mission to expand its reach and provide affordable essential goods to low- and middle-income consumers across Pakistan.
Amidst soaring inflation rates exceeding 30% in 2023, Pakistani households have been under significant financial strain. DealCart aims to alleviate this burden by offering low-cost goods sourced directly from manufacturers and collaborating with local brands.
Targeting consumers who spend approximately 50-60% of their income on groceries and essentials, DealCart enables these households to save more and invest in a better future. The company also caters to a digitally sophisticated younger population that prefers online retail spaces.
“This investment from Shorooq Partners is a testament to the potential of DealCart to revolutionize the way Pakistani consumers shop for essentials,” said Haider Raza and Ammar Naveed, founders of DealCart. “Our goal is to make everyday necessities more affordable and accessible, and this funding will help us get closer to that vision.”
While e-commerce has seen rapid growth in neighboring India, Pakistan’s sector has lagged. To stimulate digital transactions and boost e-commerce, the State Bank of Pakistan introduced RAAST, an online instant payment platform. This initiative positions DealCart to address market gaps and kickstart the e-commerce sector.
“DealCart has identified a market gap and is developing a distinctive approach to social commerce and providing affordable essentials to most consumers, an approach that aligns with our mission to support market-leading disruptors,” said Omer Zabit, principal at Shorooq Partners. “We believe this investment will enable DealCart to scale rapidly and significantly impact the lives of millions in Pakistan.”
With this new funding, DealCart is poised to make significant strides in transforming the way Pakistani consumers access essential goods, contributing to a more affordable and accessible future for all.
About DealCart:
DealCart is a social e-commerce startup focused on transforming how Pakistani consumers access essential goods. By sourcing products directly from manufacturers and collaborating with local brands, DealCart aims to offer affordable essential items to low- and middle-income households. The company targets consumers who spend a significant portion of their income on groceries and essentials, as well as a digitally savvy younger population that prefers online shopping. Founded by Haider Raza and Ammar Naveed, DealCart is committed to making everyday necessities more accessible and easing the financial burden on Pakistani families.
