DealCart raises $3mln to empower Pakistan's digitally savvy consumers - My Startup World

DealCart raises $3mln to empower Pakistan’s digitally savvy consumers

On: July 5, 2024

In: Funding, News

DealCart, a social e-commerce startup focused on transforming the way Pakistani consumers access essential goods, has successfully raised a $3 million Seed round led by Shorooq Partners and Sturgeon Capital. 500 Global, Evolution VC, Rayn Capital, and Khyber Venture Partners also participated in the round.

This capital infusion will support 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, putting significant financial strain on Pakistani 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 who spend about 50 to 60 percent of their income on groceries and essentials, enabling them to save more and invest in a better future. The company also targets 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.”

Despite rapid e-commerce growth in neighboring India, Pakistan’s e-commerce 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.”