Pre-seed fundraising round headed by Shorooq Partners netted US $4.5 million for Pakistani social commerce platform DealCart. Fatima Gobi Ventures and Vibe Capital took part in the round along with other investors.
DealCart, established in March 2022 by two ex-Careem workers named Haider Raza and Ammar Naveed, enables users to purchase items in bulk to access lower pricing.
According to the company’s website, clients can start new groups or join existing ones to purchase items. Once a group has the necessary number of members, the order is confirmed and delivered within the next 24 to 48 hours.
The Karachi-based firm claims that e-commerce adoption in Pakistan has remained low among the middle and low-income categories since the country’s e-commerce players primarily target high-income customers with high-end goods like gadgets and designer clothing.
The social commerce sector in the nation is anticipated to generate up to US $70 billion in revenue by 2030.
“With our target market spending upward of 50% of their household income on groceries and essentials, DealCart provides the already inflation-burdened Pakistani consumer much-needed relief,” co-founder Raza said in a statement.
The funding will be put to use by the business for team expansion and additional product development.
