DealCart, a social e-commerce startup focused on transforming the way Pakistani consumers access essential goods, has successfully raised $3 million Seed in a funding round led by Shorooq Partners and Sturgeon Capital. The 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.
In 2023, Pakistan’s inflation rate soared past 30 percent, putting significant financial strain on Pakistani households. DealCart aims to ease the financial burden and offer low-cost goods by sourcing products directly from manufacturers and collaborating with locally manufactured brands.
DealCart targets consumers who spend about 50 to 60 percent of their income on groceries and essentials, enabling them to save more and invest in a better future. The company also targets a digitally sophisticated younger population that prefers online retail spaces.
“This investment from Shorooq Partners is a testament to the potential of DealCart to revolutionize the way Pakistani consumers shop for essentials,” said Haider Raza and Ammar Naveed, founders of DealCart. “Our goal is to make everyday necessities more affordable and accessible, and this funding will help us get closer to that vision.”
Despite rapid e-commerce growth in neighboring India, Pakistan’s e-commerce sector has lagged. To boost digital transactions and stimulate e-commerce, the State Bank of Pakistan introduced RAAST, an online instant payment platform. This initiative positions DealCart to address market gaps and kickstart the e-commerce sector.
“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.”
For more information about DealCart and its approach to social commerce, please visit https://dealcart.io/.
About Shorooq Partners
Founded in 2017, Shorooq Partners is a leading alternative investment manager across the Middle East and North Africa region. The firm’s venture capital and private credit funds invest in innovative technology companies. Shorooq Partners has built deep sectoral expertise in fintech, platforms, software, gaming, and Web3.0, and has backed market-leading disruptors, including Pure Harvest Smart Farms, Nymcard, Tamara, Sarwa, Lean Technologies, TruKKer, Mozn, and Lendo.
Shorooq Partners was founded on the principle of forming partnerships with company founders. It is a pan-regional firm with direct and indirect presence in Abu Dhabi, Dubai, Riyadh, Egypt, and Korea.
Shorooq Partners refers to a group of companies that are affiliates of each other and which operate under this business name, of which Shorooq Partners Ltd (regulated by the ADGM Financial Services Regulatory Authority FSRA FSP: 190004) is a member.
About DealCart
DealCart is a social commerce startup on a mission to provide affordable daily essential products to underserved communities in Pakistan through a gamified and interactive platform. Founded by Ammar Naveed and Haider Raza, DealCart 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 offers significantly lower prices through group buying, which can be facilitated via WhatsApp and other social media platforms. This innovative approach focuses on consumers who spend much of their income on groceries and essentials, helping them save more and invest in a better lifestyle and future. For more information, visit https://dealcart.io/about
