Dealshare, a Jaipur-based social commerce platform, received USD 45 million in funding on February 17, 2022. Abu Dhabi Investment Authority(ADIA) invested in the startup, raising its valuation to USD 1.7 billion. The funding comes as an extension of its Series E round. Earlier, the firm raised USD 210 million from various investors. Tiger Global, Kora group, Unilever Ventures were among the few investors in previous rounds.
The Purpose of Funding-
It will use the funds for technological and product innovation. Besides, they are also looking towards expansion and more customer acquisition. They aim to serve 500 million new internet customers. The organization will witness a surge in its workforce.
They are also eyeing an initial public offering(IPO) in 18-24 months. Moreover, the firm wants to establish a robust offline base for its non-digital users. Partnership with local shops (Kirana stores) shall help achieve this objective.
What the founders have to say-
Vineet Rao, founder and CEO of Dealshare outlines the firm’s plans. He said, “We will be utilizing the funds from our Series E round to strengthen our customer base and technology capabilities. We aim to democratize online shopping for Bharat users with unmatched service and experience by developing innovative products and tech solutions. This will be supported by building our teams across the country and hiring new tech talent at all levels.”
He also emphasized the company’s strategy for brand creation and its management. “The majority of the funds will be deployed in expanding logistics network as well as investments into technology and creating our own brands. We have created a dedicated team to work on creating our private brands. These brands will be owned by the company and will get products directly from factories to the consumers under our own brand,” Rao stated.
Dealshare is a Jaipur-based social commerce startup Founded in 2018 by Vineet Rao, Sourjyendu Medda, Sankar Bora and Rajat Shikhar; Dealshare deals with groceries, essentials and homecare products. It targets the middle and lower-income classes via a community group buying model. With a network of micro-entrepreneurs working in local languages, the company allows its users to buy at reasonable prices. This model works in their favour, especially in tier-2 and lower cities.
The company has a strong base in Delhi NCR, Gujarat and West Bengal. The future seems promising from southern states as well. Dealshare has its head office in Bangalore, India. The firm functions in 130 cities today across ten states. By the end of 2022, they aim to operate in 300 more cities.
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