Pakistani Startup DealCart Raises $3 Million to Transform Shopping Experience

On Thursday, DealCart, a social e-commerce startup from Pakistan, announced the successful raising of $3 million in seed funding. This funding round was led by Shorooq Partners, which operates in the Middle East and North Africa (MENA) region, and UK-based Sturgeon Capital.

Who Invested in DealCart?

Apart from the leading investors, the funding round also saw participation from several notable entities. These include 500 Global, Evolution VC, Rayn Capital, and Khyber Venture Partners. This diverse group of investors showcases the broad interest and belief in DealCart’s vision.

What Will the Funding Be Used For?

The newly acquired funds will be used to help DealCart expand its reach and provide affordable essential goods to low and middle-income consumers across Pakistan. The startup plans to offer low-cost goods by sourcing products directly from manufacturers and collaborating with local brands.

“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,” said DealCart in a statement.

Founders and Their Vision

DealCart was founded by Ammar Naveed and Haider Raza, former executives at Careem, a well-known ride-hailing service. They believe that by enabling communities to “buy together and save together,” they can help consumers unlock more value. The idea is to source products directly from manufacturers and collaborate with local brands, which can help bring down costs.

“This investment from Shorooq Partners is a testament to the potential of DealCart to revolutionize the way Pakistani consumers shop for essentials,” said founders Ammar and Haider. They aim to target digitally savvy consumers who spend around 50-60% of their income on groceries and other essentials.

How DealCart Plans to Change Shopping Habits

DealCart believes that the State Bank of Pakistan’s (SBP) RAAST initiative, an online instant payment platform, positions the startup to address market gaps and boost the e-commerce sector. This platform will help DealCart manage transactions more efficiently and serve a larger customer base.

“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.

A Look Back at Previous Funding

In July 2022, DealCart had already raised $4.5 million in a pre-seed funding round, just four months after the company was established. This round was also led by Shorooq Partners and included participation from Fatima Gobi Ventures, Vibe Capital, 500 Global, i2i Ventures, Julian Shapiro, Rally Cap Ventures, Alex Lazarow, and several strategic angel investors.

Impact on Pakistani Consumers

The founders and investors believe that this new investment will enable DealCart to scale rapidly and significantly impact the lives of millions in Pakistan. By providing affordable essentials through a unique social commerce model, DealCart aims to bring about a positive change in the daily lives of Pakistani consumers.

“We believe this investment will enable DealCart to scale rapidly and significantly impact the lives of millions in Pakistan,” said Omer Zabit from Shorooq Partners.

In summary, DealCart is making waves in the Pakistani e-commerce landscape by focusing on affordability and community-based shopping. With strong backing from international investors, the startup is well-positioned to bring essential goods to a broader audience, making everyday shopping more accessible and affordable for many Pakistani families.