DealCart’s $4.5 Million Fundraising Round Enables Affordable Ecommerce Possible For 220 Million Pakistanis.

DealCart has a laser focus on consumers who are price conscious and seeking for high-quality, low-cost items to offset inflation.

people are searching for ways to save money on purchases as global inflation reaches record levels. DealCart, a social commerce platform, was created to provide people interactive, gamified access to inexpensive products. As a result, the business has now disclosed a $4.5 million pre-seed fundraising. DealCart creates value by empowering communities to “purchase together and save together,” with an emphasis on giving locally produced goods global exposure.

Only three months into their operational setup, it’s one of the biggest investments in the MENAP area for early-stage firms. Fatima Gobi Ventures, Vibe Capital, 500 Global, i2i Ventures, Julian Shapiro, Rally Cap Ventures, Alex Lazarow, and a number of strategic angel investors joined Shorooq Partners in leading the round.

By providing value to underserved clients, DealCart founders Haider Raza and Ammar Naveed are solving the unmet demands of the Pakistani e-commerce business. The bulk of the 220 million people in the nation, who fall into the medium and lower-middle-income brackets, do not use e-commerce frequently despite the rising smartphone and internet penetration (and primarily serving higher-income segments). Because of this, the country’s present e-commerce environment is oriented toward expensive gadgets, fashion, and the convenience value proposition offered by quick commerce.

DealCart aims to provide value to the majority of the nation, which prioritizes cost over all other factors. DealCart will provide consumers the power to buy in groups and share discounts on WhatsApp and other social networking sites, enabling them to place larger orders than if they were shopping alone. This will enable cheaper costs and present a fun new shopping experience.

Ammar Naveed and Haider Raza, the company’s founders, recognized the demand for their offering based on their prior work scaling and concentrating on profitability in Pakistan’s digital startup scene. Ammar oversaw operations in the Middle East and Pakistan as a senior director at the ride-hailing service Careem, while Haider co-founded and launched the mobility firm Swvl in Pakistan before scaling it up. They share a love of social commerce and a desire to create a large-scale influence on the area.

Haider Raza, co-founder of DealCart, commented: “Pakistan has recently seen a surge in social media users, a phenomenon that generally precedes these users transacting online for their daily needs. DealCart seeks to use this opportunity to introduce their group buying platform with the aim to enable more people to get access to their favorite brands at extremely affordable prices. With our target market spending upwards of 50% of their household income on groceries and essentials, DealCart provides the already inflation burdened Pakistani consumer much-needed relief”.

Ammar Naveed, co-founder of DealCart, commented “Our focus from day one has been the long-term commercial sustainability of the venture; we want to create a business which has solid foundations and is aligned with the new reality of the global financial markets. We plan to do this by having a super lean cost structure while expanding and growing the business primarily through our technology”.

Omer Zabit, Principal at Shorooq Partners commented: “We are humbled to be partnering with DealCart and to be taking part in the take-off of this incredible journey. The founders’ customer-centric approach and a strong commitment to growth, make us certain they are the right partner to back in Pakistan’s first group buying app. Given our deep expertise in consumer tech, we have no doubt that this will be a unique success story and are very excited to see what the future holds for DealCart”.

DealCart is going after a $60 billion total addressable market and wants to build an institution that the regional start-up ecosystem can be proud of. It will deploy the funding to invest in further developing its engineering and technology capabilities that will build an intuitive product. The clear priority is to inspire the best talent to join this journey.

Fatima Gobi Venture’s General Partner Ali Mukhtar commented, “Given the broader macro environment and the rising cost of living seen across the world, there is greater demand for solutions like DealCart that are enabling access to affordable daily necessities. We have high conviction in the team and model as it fits perfectly within FGV’s investment strategy which is to fund high-growth tech companies that have the ability to generate scalable impact. We look forward to supporting Haider, Ammar, and their team and we’re excited to be part of their journey.”

About DealCart

In Pakistan, DealCart is redefining e-commerce. Their goal is to make inexpensive items available to new internet users in an engaging, gamified environment. They create value by empowering communities to “shop together and save together,” with an emphasis on giving locally produced goods national attention. Please visit https://dealcart.io for additional information.