Shorooq Partners and Sturgeon Capital led a $3 million seed funding round for DealCart, a social e-commerce startup based in Pakistan.
DealCart said in a statement on Thursday that 500 Global, Evolution VC, Rayn Capital, and Khyber Venture Partners were also involved in the round.
This funding infusion will help DealCart fulfill its objective of reaching a wider audience and offering low- and middle-class Pakistani consumers reasonably priced necessities.
It is reported that Pakistan’s inflation rate skyrocketed past 30 percent in 2023, severely taxing Pakistani households financially.
DealCart works with regionally produced brands and sources products directly from manufacturers in an effort to reduce costs and provide low-cost goods.
The company focuses on customers who spend between 50 and 60 percent of their income on necessities and groceries so they can increase their savings and make better investments in the future.
The company also goes after a younger demographic that is digitally savvy and favors online shopping.
“This investment from Shorooq Partners is a testament to the potential of DealCart to revolutionize the way Pakistani consumers shop for essentials,
“Our goal is to make everyday necessities more affordable and accessible, and this funding will help us get closer to that vision,” said Haider Raza and Ammar Naveed, Founders of DealCart.
Notably, Pakistan’s e-commerce industry has underperformed relative to the rapidly expanding e-commerce sector in India, a neighbor.
In an effort to promote e-commerce and increase digital transactions, the State Bank of Pakistan launched RAAST, an online instant payment platform.
DealCart will be in a better position to fill market gaps and grow the e-commerce industry thanks to this initiative.
“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,
“We believe this investment will enable DealCart to scale rapidly and significantly impact the lives of millions in Pakistan,” said Omer Zabit, principal at Shorooq Partners.
A social commerce startup called DealCart wants to use an engaging and gamified platform to bring reasonably priced everyday necessities to Pakistan’s underprivileged communities.
The company works with locally produced brands and assists the group in obtaining products directly from manufacturers.
