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

DealCart said in a statement on Thursday that 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.

It is noted that 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.

The firm 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,

“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.

It is noted that 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,

“We believe this investment will enable DealCart to scale rapidly and significantly impact the lives of millions in Pakistan,” said Omer Zabit, principal at Shorooq Partners.

DealCart is a social commerce startup that aims to provide affordable daily essential products to underserved communities in Pakistan through a gamified and interactive platform.

The firm helps group to source products directly from manufacturers and collaborating with locally manufactured brands.

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