Pakistani social commerce firm adds $4.5m pre-seed funding to cart

Pakistani social commerce platform DealCart has raised US$4.5 million in a pre-seed funding round led by Shorooq Partners. The round also saw participation from Fatima Gobi Ventures, Vibe Capital, and other investors.

DealCart founders Ammar Naveed (left) and Haider Raza / Photo credit: DealCart

Founded in March 2022 by former Careem employees Haider Raza and Ammar Naveed, DealCart lets customers buy products as a group to unlock discounted prices.

To buy an item, customers can create or join an existing group, and once one has been formed with the required number of members, the order is confirmed and delivered in the next 24 hours to 48 hours, according to the company’s website.

The Karachi-based startup says that ecommerce penetration in Pakistan has remained low among the middle and low-income groups because ecommerce players in the country mostly cater to high-income shoppers with premium products such as electronics and fashion apparel.

However, the country’s social commerce market is estimated to reach up to US$70 billion in revenue by 2030.

“With our target market spending upward of 50% of their household income on groceries and essentials, DealCart provides the already inflation-burdened Pakistani consumer much-needed relief,” co-founder Raza said in a statement.

The company plans to use the capital for further product development and expanding the team.

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That said, the funding comes as quick commerce startup Airlift announced its closure after a failed fundraiser cut short its runway. The company couldn’t get investors to commit disbursements to its series C1 round due to “rapidly deteriorating conditions in the global economy.”

Other investors who participated in DealCart’s latest round include:

• 500 Global
• i2i Ventures
• Rally Cap Ventures