DealCart, a Pakistan-based social commerce startup, announced that it has secured a $4.5 million pre-seed round of funding, led by Shorooq Partners.
DealCart said in a statement that the round also included participation from Fatima Gobi Ventures, Vibe Capital, 500 Global, i2i Ventures, Julian Shapiro, Rally Cap Ventures, and Alex Lazarow, and several strategic angel investors.
DealCart will use the funds to advance product development and team expansion. DealCart is a group buying platform that gives marginalized communities access to affordable daily necessary products in a gamified and engaging way.
“Social media usage has lately increased in Pakistan, a trend that typically occurs before these people start making daily purchases online. DealCart wants to take this chance to present our platform for group buying so that more people may access their favorite brands at incredibly low prices.
DealCart offers the already overburdened Pakistani consumer much-needed respite because our target market spends more than 50% of their household budget on food and necessities, according to Haider Raza, co-founder of DealCart.
DealCart Co-Founder Ammar Naveed stated that the company has placed a strong emphasis on long-term commercial sustainability and aims to build a company that is in line with the current realities of the global financial markets.
Ammar Naveed, a co-founder of DealCart, stated, “We hope to do this by having a super lean cost structure while expanding and growing the business primarily through our technology.
DealCart, which was founded in March 2022, is revolutionizing e-commerce in Pakistan. Through a gamified and engaging group buying experience, the company hopes to give first-time internet users access to affordable goods.
The ‘buy together and save together’ model, which enables users to buy in groups and share deals on messaging services and social media, addresses this unmet eCommerce need by taking into account that the majority of the population values and prioritizes the affordability of daily essential products. This unmet need is being addressed by Haider Raza and Ammar Naveed.
Customers are given the power to place bulk orders, enabling everyone to pay less while enjoying a novel, entertaining, and community-focused shopping experience. Through its platform, DealCart also wants to boost the visibility and recognition of locally produced brands across the country.
“We are honored to be working with DealCart and to be a part of this remarkable journey’s launch. Because of the founders’ dedication to growth and customer-centric mindset, we are confident that they are the best partner to back Pakistan’s first group buying app.
Omer Zabit, Principal at Shorooq Partners, stated: “Given their strong knowledge in consumer tech, we do not doubt that this will be a unique success story and are extremely enthusiastic to see what the future holds for DealCart.”
Ali Mukhtar, the general partner of Fatima Gobi Ventures, noted that there is an increased need for services like DealCart that make it possible to obtain reasonably priced everyday requirements in light of the rising cost of living worldwide.
We have a strong faith in the team and the model since they are a fantastic fit for FGV’s investment strategy, which is to support high-growth tech businesses that can have a scalable impact. We are eager to accompany Haider, Ammar, and their team on their journey and look forward to doing so,” he stated.
Image Credit: DealCart