Shorooq Partners and Sturgeon Capital led a $3 million venture fundraising round for DealCart, a social e-commerce firm based in Pakistan.
DealCart stated in a statement on Thursday that 500 Global, Evolution VC, Rayn Capital, and Khyber Venture Partners were also involved in the round.
This funding infusion would help DealCart fulfill its objective of reaching a wider audience and offering low- and middle-class Pakistani consumers reasonably priced necessities.
It is reported that in 2023, Pakistan’s inflation rate skyrocketed above 30 percent, severely taxing Pakistani households.
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DealCart sources products directly from manufacturers and partners with regionally produced brands in an effort to reduce costs and provide low-cost goods.
In order to help customers save more and make smarter investments in the future, the company targets customers who spend between 50 and 60 percent of their income on groceries and necessities.
The corporation also aims to attract younger, digitally savvy consumers who favor internet shopping.
“This investment from Shorooq Partners is a testament to the potential of DealCart to revolutionize the way Pakistani consumers shop for essentials,Our goal is to make everyday necessities more affordable and accessible, and this funding will help us get closer to that vision,” said Haider Raza and Ammar Naveed, Founders of DealCart.
Notably, Pakistan’s e-commerce industry has underperformed relative to the rapidly expanding e-commerce business in India, a neighbor.
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In an effort to promote e-commerce and increase digital transactions, the State Bank of Pakistan launched RAAST, an online instant payment platform.
It will be in a better position to fill market gaps and grow the e-commerce industry thanks to this initiative.
“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,We believe this investment will enable to scale rapidly and significantly impact the lives of millions in Pakistan,” said Omer Zabit, principal at Shorooq Partners.
The company works with regionally produced brands and direct manufacturers to provide the group with products.
About Dealcart
DealCart is a social commerce platform for group purchases in Pakistan. Our goal is to give new online shoppers access to reasonably priced goods in an engaging and gamified way.
