DealCart is focused on price-conscious Pakistani consumers –
Summary
The round was led by Shorooq Partners with participation from Fatima Gobi Ventures, Vibe Capital, 500 Global, i2i Ventures, Julian Shapiro, Rally Cap Ventures, Alex Lazarow and several strategic angel investors.Founded by Haider Raza and Ammar Naveed, DealCart wants to address the low usage of e-commerce among middle and lower-income segments in Pakistan, even though more and more people have access to smartphones and the internet.DealCart allows users to buy in groups and share deals through WhatsApp and other social media platforms. As inflation got worse in Pakistan, they said it became clear that helping people save money on where they spend most of their income was their mission.Despite the burgeoning growth of smartphones and internet penetration, e-commerce usage remains low among the middle and lower middle-income segments that constitute the majority of the country. The majority of Pakistanis are price-conscious and the current e-commerce landscape does not cater to their needs.DealCart is able to offer lower prices because it sources products directly from manufacturers, works with locally manufactured brands (while helping them reach a larger consumer base) and lowering its customer acquisition cost through its consumer growth features. These savings allow DealCart to afford efficient warehousing and last-mile delivery compared to other e-commerce and quick commerce platforms.Items available through DealCart include cooking oil, rice, wheat, pulses and sugar; tea and milk; fruit and vegetables; baby formula and diapers; beverages; and household care products. The founders say DealCart differentiates by focusing on consumers who typically spend about 50% to 60% of their income on groceries, and enabling them to save money on those items.DealCart is currently at pre-seed stage and closed last month at $1.1 million annual recurring revenue.The founders say its new funding will be used to build its tech and product teams, as well as DealCarts brand.