Social-commerce startup DealShare has raised $144 million in a recent funding round, eyeing openings in international markets as investors and expand its presence in South Asia, the startup stated on July 8, 2021. The Series D financing round was headed by Tiger Global and, following from the pre-money valuation of $50 million in Series C, valuing the Indian startup at $455 million.
WestBridge Capital, Alpha Wave Incubation, Z3Partners, Partners of DST Global, and Alteria Capital too participated in the funding round, the third time in the last seven months and which makes the startup’s to-date raise to $183 million. Amazon and Walmart acquired Flipkart has formed a market in the urban Indian cities. Much of the nation remains underserved.
Company’s Profile
Founded in 2018 by Vineet Rao, DealShare markets daily essentials and aims at the middle-income demographic, directing 500 million new-to-internet users. It has onboarded 3 million consumers and delivered 100,000 orders a day, sustained by its army of public influencers. The startup is already in over 40 cities and towns across Rajasthan, Gujarat, Maharashtra, Karnataka and Delhi-NCR, about which it prepares to expand to over 100 cities in 2021.
Its most crucial category is the grocery market in which social commerce rival Meesho is to enrol in shortly. DealShare’s contender CityMall lately raised $22.5 million, driven by venture capital firms General Catalyst and Jungle Ventures.
Purpose of Investment
The startup intends to utilise the funds to extend its services, invest in tech and strengthen its team. In addition, the organisation is exploring acquisitions of early-stage startups in the social and gamification area, logistics and operation, said DealShare co-founder Vineet Rao.
DealShare focuses on alliance group buying of essentials in tier 2 and 3 cities, and it prepares to double its team to 1,800 employees by December 2021. Added to that, it plans on increasing about 200 warehouses across 10 states.
What the Founder has to say
“In 2021, we arose 5X to reach a $200 million gross merchandise value run rate,” said Sourjyendu Medda, co-founder of DealShare. “In merely 2 years, we have serviced larger than 3 million consumers and 20 million orders. We are certain of cracking a $1 billion GMV run rate by the end of 2021 and mounting a 10-million-customer base.”
What the Investor has to say
Partner at Tiger Global, Griffin Schroeder, said, “We are thrilled to partner with DealShare as they grow the Indian e-commerce market. DealShare’s individual approach combines discovery-led social partition, group marketing, and a gamified shopping practice with a simplistic customer interface. They are well put to power the next spring of Indian e-commerce growth.”
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