The DealCart team
DealCart, a social e-commerce platform enabling consumers to access essential goods in Pakistan, has raised US$3 million in a seed funding round led by Shorooq Partners and Sturgeon Capital.
500 Global, Evolution VC, Rayn Capital, and Khyber Venture Partners also joined the round. The venture earlier raised funding from Fatima Gobi Ventures, a joint venture between Pakistan-based Fatima Group and Southeast Asia-focused Gobi Partners.
This capital infusion will support DealCart’s mission to expand its reach and provide affordable essential goods to Pakistan’s low- and middle-income consumers. “Our goal is to make everyday necessities more affordable and accessible, and this funding will help us get closer to that vision,” co-founders Haider Raza and Ammar Naveed said in a joint statement:
In 2023, Pakistan’s inflation rate soared past 30 per cent, putting significant financial strain on households. DealCart aims to ease the financial burden and offer low-cost goods by sourcing products directly from manufacturers and collaborating with locally manufactured brands.
DealCart targets consumers spending about 50 to 60 per cent of their income on groceries and essentials to enable them to save more and invest in a better future. The company also targets a digitally sophisticated younger population that prefers online retail spaces.
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“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.”
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Image Credit: DealCart.
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