DealCart, a Pakistani social e-commerce firm, declared the successful completion of a $3 million early investment round. Leading the round were the UK-based Sturgeon Capital and the MENA-based Shorooq Partners.
According to the release, 500 Global, Evolution VC, Rayn Capital, and Khyber Venture Partners were also involved in the investment round.The startup stated that this capital infusion will support DealCart’s mission to broaden its reach and offer reasonably priced essential goods to low- and middle-income consumers throughout Pakistan. DealCart plans to offer low-cost goods by partnering with locally manufactured brands and sourcing products directly from manufacturers.
DealCart was founded by former executives of Careem, Ammar Naveed and Haider Raza. The company claims to assist customers uncover greater value by allowing communities to “buy together and save together,” buying goods directly from manufacturers and working with regionally produced brands.
DealCart claims to be targeting tech-savvy customers who spend between 50 and 60 percent of their income on necessities and groceries.DealCart’s founders, Haider Raza and Ammar, stated, “This investment from Shorooq Partners is a testament to the potential of DealCart to revolutionize the way Pakistani consumers shop for essentials.”
DealCart thinks that the State Bank of Pakistan’s (SBP) online instant payment platform, RAAST initiative, puts the firm in a good position to close gaps in the market and grow the e-commerce industry.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.”
“We think this investment will help DealCart grow quickly and have a big impact on millions of people’s lives in Pakistan.”DealCart reported in July 2022 that, just four months after the company’s founding, it had raised $4.5 million in a pre-seed fundraising round.
Shorooq Partners led the investment back then, with participation from a number of strategic angel investors as well as Fatima Gobi Ventures, Vibe Capital, 500 Global, i2i Ventures, Julian Shapiro, Rally Cap Ventures, and Alex Lazarow.
