Pakistani startup DealCart raises $3 million in seed funding led by Shorooq Partners and Sturgeon Capital

DealCart, a Pakistani social media e-commerce startup, has successfully raised $3 million in seed funding in a funding round led by Shorooq Partners and Sturgeon Capital.

DealCart said in a statement on Thursday that 500 Global, Evolution VC, Rayn Capital and Khyber Venture Partners also participated in the funding round.

With this capital injection, DealCart will be able to pursue its mission of expanding its reach and providing affordable, basic consumer goods to low- and middle-income consumers across Pakistan.

It was noted that inflation in Pakistan exceeded 30 percent in 2023, which caused a significant financial burden on Pakistani households.

DealCart aims to reduce financial burdens and offer affordable goods by sourcing products directly from manufacturers and collaborating with local manufacturing brands.

The company targets consumers who spend around 50-60 percent of their income on groceries and essentials, allowing them to save more and invest in a better future.

The company also targets its offer at the younger part of the population, which is good at digital technologies and prefers online sales.

“This investment by Shorooq Partners is a testament to DealCart’s potential to revolutionize the way Pakistani consumers shop for essentials,

“Our goal is to make everyday needs more affordable and accessible, and this funding will help us get closer to that vision,” said Haider Raza and Ammar Naveed, founders of DealCart.

It is important to note that despite the rapid growth of e-commerce in neighbouring India, Pakistan’s e-commerce sector has lagged behind.

To increase digital transactions and drive e-commerce growth, State Bank of Pakistan has launched RAAST, an instant online payments platform.

This initiative allows DealCart to fill market gaps and drive growth in the e-commerce sector.

“DealCart has identified a gap in the market and is developing a unique approach to social commerce and providing affordable essentials to the majority of consumers, an approach that aligns with our mission of supporting market-leading disruptors,

“We believe this investment will enable DealCart to rapidly scale its operations and make a significant impact on the lives of millions of people in Pakistan,” said Omer Zabit, Principal at Shorooq Partners.

DealCart is a social commerce startup that aims to provide affordable, everyday essentials to underserved communities in Pakistan through an interactive, game-based platform.

The company helps the group source products directly from manufacturers and work with local manufacturing brands.

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