DealCart, a Pakistani social e-commerce startup, announced on Thursday that it has successfully raised $3 million in seed funding. The round was led by Shorooq Partners that has a presence in the MENA region, and UK-based Sturgeon Capital.
As per the statement, the funding round also saw participation from 500 Global, Evolution VC, Rayn Capital, and Khyber Venture Partners.
“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 the startup, which intends to offer low-cost goods by sourcing products directly from manufacturers and collaborating with locally manufactured brands.
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Founded by former Careem executives Ammar Naveed and Haider Raza, DealCart says it helps users unlock more value by enabling communities to “buy together and save together,” sourcing products directly from manufacturers and collaborating with locally manufactured brands.
DealCart says it intends to target digitally sophisticated consumers who spend about 50-60% of their income on groceries and essentials.
“This investment from Shorooq Partners is a testament to the potential of DealCart to revolutionize the way Pakistani consumers shop for essentials,” said DealCart’s founders Haider Raza and Ammar.
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 kickstart the e-commerce sector.
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“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.”
In July 2022, DealCart had announced that it raised $4.5 million in a pre-seed funding round, a development that came just four months after the company was established.
Back then, the round was led by Shorooq Partners with participation from Fatima Gobi Ventures, Vibe Capital, 500 Global, i2i Ventures, Julian Shapiro, Rally Cap Ventures, Alex Lazarow, and several strategic angel investors.
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