DealCart, a pioneering social e-commerce startup transforming how Pakistani consumers access essential goods, has successfully raised $3 million in a seed funding round. The round was led by Shorooq Partners and Sturgeon Capital, with participation from 500 Global, Evolution VC, Rayn Capital, and Khyber Venture Partners.
This capital injection will bolster DealCart’s mission to expand its reach and provide affordable essential goods to low- and middle-income consumers across Pakistan. In 2023, Pakistan’s inflation rate soared past 30 percent, significantly straining household finances. DealCart aims to alleviate this financial burden by sourcing products directly from manufacturers and partnering with locally produced brands, thereby offering low-cost goods.
Targeting consumers who allocate approximately 50 to 60 percent of their income to groceries and essentials, DealCart enables these individuals to save more and invest in a better future. The company also caters to a digitally sophisticated younger demographic that prefers online retail spaces.
“This investment from Shorooq Partners underscores DealCart’s potential to revolutionise how 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 move closer to that vision.”
While e-commerce has seen rapid growth in neighbouring India, Pakistan’s sector has lagged. To boost digital transactions and stimulate 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.”
The funding round marks a significant milestone for DealCart as it continues to empower Pakistan’s digitally savvy population and enhance the accessibility of essential goods in an increasingly challenging economic environment.