DealCart raises $4.5 million in pre-seed funding

DealCart raises $4.5 million in pre-seed funding
DealCart raises $4.5 million in pre-seed funding

DealCart, a Karachi-based group buying social commerce platform, raised $4.5 million in pre-seed funding from Shorooq Partners, Fatima Gobi Ventures, Vibe Capital, 500 Global, i2i Ventures, and Rally Cap Ventures.

Elevator pitch: Save together when you buy together.

Make me care: Pakistanis are price conscious bunch. They obsess over it and are always on the hunt for bargains.

That’s one of the reasons why e-commerce has not taken off amongst the majority of Pakistanis who belong to the middle and lower-middle class.

E-commerce, as a concept, is often associated with items that can be expensive, such as electronics, furniture, fashion, or other items of high value. And that’s not something most households in Pakistan want to purchase online.

To bring more people into the e-commerce fold, DealCart believes social buying groups are the answer. And not just any social buying group, but gamified one. 

Tell me more: DealCart enables users on its app to create social buying groups that share deals through WhatsApp and other social media platforms. 

You can join an existing group or create your own. Within 24 hours, you recruit four people, or once four people join, lower prices are unlocked, and the group is complete.

DealCart purchases inventory from manufacturers and warehouses it. After customers confirm orders, products are delivered by 11 p.m. And because DealCart buys directly from the source, it can pass on the savings to its users.

You can buy everyday essentials, locally manufactured products, and fresh produce.

Regarding gamification, users earn credits by referring new users and sharing products and deals on social media. In addition, users can spin a wheel to win free products and app credits and enter a lucky draw after sharing a certain number of deals.

You should know: DealCart was founded earlier this year by Haider Raza and Ammar Naveed. Previously they both worked at Careem.

It claims to have $1.1 million in annual recurring revenue. 

Zoom out: DealCart plans to use the funding to build its tech stack, product teams, and brand.

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