ISLAMABAD: DealCart, a Pakistani e-commerce startup focused on transforming the way consumers access essential goods, has successfully raised $3 million in a funding round led by leading Middle East investment fund, Shorooq Partners, the startup said on Friday.
DealCart aims to provide affordable daily essential products to underserved communities in Pakistan through a gamified and interactive platform. The startup helps unlock more value by enabling users to “buy together and save together,” sourcing products directly from manufacturers and collaborating with locally manufactured brands.
Founded in 2017, Shorooq Partners is a leading alternative investment manager across the Middle East and North Africa region, with its venture capital and private credit funds investing in innovative technology companies. The firm has built deep sectoral expertise in fintech, platforms, software, gaming, and Web3.0, and has backed market-leading disruptors.
The funding round also saw participation from Sturgeon Capital, 500 Global, Evolution VC, Rayn Capital and Khyber Venture Partners, and the capital infusion will help DealCart expand its reach and provide affordable essential goods to low- and middle-income consumers across Pakistan, according to the e-commerce startup.
“This investment from Shorooq Partners is a testament to the potential of DealCart to revolutionize the way Pakistani consumers shop for essentials,” DealCart founders Haider Raza and Ammar Naveed said in a statement. “Our goal is to make everyday necessities more affordable and accessible, and this funding will help us get closer to that vision.”
Pakistan’s has for months been facing high inflation, which soared past 30 percent in 2023, putting significant financial strain on a majority of households.
DealCart aims to ease this financial burden by sourcing products directly from manufacturers and targets consumers who spend about 50 to 60 percent of their income on groceries and essentials, helping them save more and invest in a better future. The company also targets a digitally sophisticated younger population that prefers online retail spaces, according to the statement.
Despite rapid e-commerce growth in neighboring India, Pakistan’s e-commerce sector has lagged and to boost digital transactions and stimulate e-commerce, the State Bank of Pakistan introduced RAAST, an online instant payment platform, that has positioned DealCart to address market gaps.
“DealCart has identified a market gap and is developing a distinctive approach to social commerce and providing affordable essentials to most consumers, an approach that aligns with our mission to support market-leading disruptors,” said Omer Zabit, principal at Shorooq Partners.
“We believe this investment will enable DealCart to scale rapidly and significantly impact the lives of millions in Pakistan.”
Pakistan’s DealCart raises $3 mln in funding round led by prominent Middle East investment fund
https://arab.news/jzwcd
Pakistan’s DealCart raises $3 mln in funding round led by prominent Middle East investment fund
- DealCart aims to provide affordable daily essential products to underserved communities in Pakistan through a gamified and interactive platform
- The Pakistani startup helps unlock more value by sourcing products directly from manufacturers and collaborating with locally manufactured brands
Russia urges diplomacy, offers assistance to ease Pakistan-Afghanistan tensions
- Pakistan, Afghanistan engaged in fierce clashes last month after Pakistan hit what it said were TTP-linked targets in Afghanistan
- Tensions remain high between the neighbors after two subsequent rounds of talks in Istanbul failed to firm up an Oct. 19 ceasefire
ISLAMABAD: Russia has urged Pakistan and Afghanistan to resolve their differences through political and diplomatic means and offered to assist both sides in lowering tensions, Pakistani state media reported on Sunday, citing a Russian broadcaster.
Pakistan and Afghanistan engaged in fierce clashes along their shared border on Oct. 11 after Pakistan conducted airstrikes inside Afghanistan against what it said were Tehreek-e-Taliban Pakistan-linked targets.
While the two sides reached a ceasefire in Doha on Oct. 19, tensions remain high between the neighbors after two subsequent rounds of talks to firm up the truce failed in Istanbul.
Islamabad wants the Afghan government to take "verifiable" actions against militant groups operating on Afghan soil. Kabul denies harboring TTP or other groups and wants its territorial sovereignty to be respected.
“We call on Kabul and Islamabad to resolve any disagreements exclusively through political and diplomatic means and by peaceful methods,” Russian foreign ministry spokesperson Maria Zakharova was quoted as saying by TASS news agency at a press briefing this week.
“The Russian Federation is always ready to contribute to promoting peace if it is requested by the conflicting parties. We have such experience, and we are ready for it.”
The TTP has been behind some of the deadliest attacks in Pakistan since late 2000s. The group has stepped up its attacks against Pakistani security forces and law enforcement agencies since the Taliban’s return to power in Afghanistan.
Zakharova said that tensions between Pakistan and Afghanistan “remains a matter of concern not only for Russia but… for the entire international community,” adding that “Russia stands in solidarity with its partners.”
There have also been reports that Iran is planning to hold a regional meeting to mediate between Afghanistan and Pakistan.
While there has been no comment by Pakistan on the statement by the Russian foreign ministry spokesperson, Pakistani foreign office spokesperson Tahir Andrabi on Sunday said that Islamabad welcomes Iran’s offer of mediation and will “not shy away from” it, Pakistan's Dawn newspaper reported.
“Pakistan is always in favour of finding peaceful resolutions of issues through dialogue and diplomacy, and we appreciate the offer of mediation of our brotherly country, Iran,” Andrabi was quoted as saying by the newspaper.
“We believe that Iran can play an important role. We would not shy away from any mediatory role by Iran. Mediations are always welcome,” he said, adding that Pakistan had a “very strong case.”
“Generally, mediations are resented by a country or a side which is on a weak legal or a political case. Pakistan’s case on this issue, on terrorism emanating from Afghanistan, is very strong. So, obviously we will not shy away from mediation.”
