DealCart, a social e-commerce startup aiming to transform how Pakistani consumers access essential goods, has raised $3 million in a Seed funding round led by Shorooq Partners and Sturgeon Capital. The round, which also saw participation from 500 Global, Evolution VC, Rayn Capital, and Khyber Venture Partners, highlights the potential of DealCart to revolutionize Pakistan’s e-commerce space and provide affordable commodities to low- and middle-income households amidst soaring inflation rates. The funds will be used to expand DealCart’s operations, source products directly from manufacturers, and collaborate with local brands to offer low-cost goods. Despite Pakistan’s lagging e-commerce sector compared to its neighbor India, initiatives like the State Bank of Pakistan’s RAAST instant payment platform aim to boost digital transactions. This positions DealCart to address market gaps effectively and impact millions of lives. Shorooq Partners, a prominent Middle Eastern investment manager, expressed confidence in the growth prospects of DealCart and its unique approach to social commerce.

E-commerce, Venture Capital, Financial Technology (FinTech),Pakistan, Middle East and North Africa (MENA)

https://www.zawya.com/en/press-release/companies-news/dealcart-raises-3mln-to-empower-pakistans-digitally-savvy-consumers-amid-rising-inflation-gftpvrz9