Leading social eCommerce startup DealCart has raised $3 million in a Seed fundraising round.
Sturgeon Capital and Shorooq Partners co-led the round. Additionally involved in the funding round were Rayn Capital, 500 Global, Evolution VC, and Khyber Venture Partners.
This funding injection will support DealCart’s objective to broaden its customer base and offer low- and middle-class Pakistani clients reasonably priced necessities. Furthermore, DealCart is well-positioned to revolutionize the way Pakistani consumers obtain necessities with this additional capital, paving the door for a more accessible and reasonably priced future for anyone.
In the face of skyrocketing inflation rates that surpass 30% in 2023, Pakistani households are facing severe financial hardship. DealCart collaborates with regional businesses to offer affordable products, sourcing them directly from producers to reduce costs.
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DealCart’s founders stated:
“This investment from Shorooq Partners is a testament to the potential of DealCart to revolutionize the way Pakistani consumers shop for essentials. We want to improve access to and affordability of necessities, and this funding will help us realize that vision.”
While e-commerce in India, a neighboring country, has grown rapidly, Pakistan’s market has not kept up. However, the State Bank of Pakistan launched RAAST, an online quick payment platform, to promote digital transactions and e-commerce. The startup will be in a better position to fill market gaps and grow the e-commerce industry thanks to this initiative.
According to Omer Zabit, principal at Shorooq Partners:
“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. Besides, we think this investment will help DealCart grow quickly and have a big impact on millions of people’s lives in Pakistan.”
DealCart Story:
In Pakistan’s drive for development, DealCart emerges as a transformative force. While smartphone and internet access grows, e-commerce usage remains low for many middle and lower-middle-income citizens, constituting the majority. DealCart steps in to bridge this gap, A social commerce startup that aims to ease the budgeting headache caused by the skyrocketing prices of consumer goods for middle and lower-income Pakistani consumers. Moreover, by sourcing products directly from manufacturers and working with locally manufactured brands, DealCart offers lower prices through group buying, which can be shared through WhatsApp and other social media platforms. Moreover, DealCart differentiates itself from other eCommerce platforms in Pakistan by focusing on consumers who typically spend about 50% to 60% of their income on groceries and essentials, enabling them to save more on essentials and invest those savings for a better lifestyle and future.
