DealCart, a social commerce startup, said on Thursday that it raised $4.5 million in a pre-seed funding round led by Shorooq Partners just four months after starting operations.

According to a press release, the round also included participation from Fatima Gobi Ventures, Vibe Capital, 500 Global, i2i Ventures, Julian Shapiro, Rally Cap Ventures, Alex Lazarow, and several strategic angel investors.

The company, which describes itself as a group buying platform that provides underserved communities with access to affordable daily essential products in a gamified and interactive manner, said it would use the funding to further product development and team expansion.

"This is one the largest investments in the Middle East North Africa and Pakistan (MENAP) region for early-stage startups and comes just four months after the company’s establishment in March 2022," the press release said.

The handout noted that adoption of e-commerce remains low among middle and lower-middle income segments, which constitutes the majority of Pakistan’s 220 million population.

"The main reason being that e-commerce marketplaces today primarily serve higher income groups, offering premium electronics, fashion apparel, and various goods and services through quick commerce.

"Recognising that the majority of the population values and prioritises the affordability of daily essential products, DealCart co-founders Haider Raza and Ammar Naveed are addressing this unmet ecommerce need through its 'buy together and save together' model, which allows users to buy in groups, as well as share deals on messaging platforms and social media," the press release said.

The company went on to say that this empowers customers with the ability to place larger orders as a group, unlocking lower prices for all, while providing a new, engaging and community-centric way to shop.

"DealCart also aims to increase nationwide awareness and visibility for locally manufactured brands through its platform," it added.

Information Minister Marriyum Aurangzeb congratulated the startup on its achievement. She congratulated the owners and wished them luck for their venture.

Opinion

Editorial

Lawless city
22 Sep, 2023

Lawless city

A GRIM milestone has just been passed in Karachi. The recent death of a teenage robbery victim brings the number of...
Another Sharif trip
22 Sep, 2023

Another Sharif trip

THE sudden arrival of former prime minister Shehbaz Sharif in London, a mere 48 hours after he touched down in...
Delayed elections
Updated 22 Sep, 2023

Delayed elections

If ECP wishes to affirm that it is serious, it should start moving on all pending matters so that the possibility of any further delay is minimised.
What next?
Updated 21 Sep, 2023

What next?

One wonders that if administrative measures were all that were needed to arrest the rupee’s sorry slide, why were they not taken sooner?
Greater representation
21 Sep, 2023

Greater representation

PAKISTAN now stands at a significant juncture, with the names of 11.7m more women added to the voter list, ...
Lost generations
21 Sep, 2023

Lost generations

IF those who wield power in Pakistan think that the nation can progress when tens of millions of its children have...