DealCart, a social e-commerce platform aiming to revolutionize access to essential goods for Pakistani consumers, has secured $3 million in seed funding. The round was led by Shorooq Partners and Sturgeon Capital, with participation from 500 Global, Evolution VC, Rayn Capital, and Khyber Venture Partners.
This investment will fuel DealCart’s mission of expanding its reach and offering affordable everyday necessities to low- and middle-income households across Pakistan. With inflation exceeding 30% in 2023, the startup aims to ease financial burdens by directly sourcing products from manufacturers and partnering with local brands, reducing costs for consumers.
DealCart targets digitally savvy younger demographics who spend a significant portion of their income (50-60%) on groceries and essentials. The platform empowers these consumers to save money and invest in their future.
“This investment validates DealCart’s potential to transform how Pakistanis shop for essentials,” said Haider Raza and Ammar Naveed, DealCart’s founders. “Our goal is to make everyday necessities more affordable and accessible, and this funding brings us closer to that vision.”
DealCart capitalizes on a gap in Pakistan’s e-commerce landscape, which lags behind neighboring India’s booming online market. The State Bank of Pakistan’s recent introduction of RAAST, an instant online payment platform, aims to accelerate digital transactions and pave the way for e-commerce growth. DealCart is well-positioned to fill this market gap and propel the country’s e-commerce sector forward.
“DealCart’s innovative approach to social commerce and focus on affordability aligns perfectly with our mission of supporting disruptive market leaders,” said Omer Zabit, principal at Shorooq Partners. “This investment will empower DealCart to scale rapidly and make a significant impact on the lives of millions in Pakistan.”
