Shutterstock.comSocial commerce startup DealShare raised a Series C funding round of $21 million led by WestBridge Capital, along with participation from Alpha Wave Incubation - a venture fund managed by Falcon Edge Capital, Z3Partners, and existing investors Matrix Partners India and Omidyar Network India.
The latest funding takes the total amount raised by DealShare in the last two years to $34 million. Founded in 2018, the company targets the middle-income demographic, focusing on 500 million new-to-internet users.
“With this round of investment, we will augment our brand presence across existing and new markets. Over the next one year, we are targeting to increase our footprint to 100 cities and towns across five states,” Sourjyendu Medda, founder and chief business officer of DealShare, said. "Along with this, we will increase our customer base to 1 crore. This investment will take us to an annual GMV of Rs 2500 crore."
DealShare will use the capital proceeds for the next phase of its growth which will include expanding to newer geographies, penetrating deeper into current markets, scaling operations, expanding local sourcing networks and strengthening its technology platform across business verticals.
“Majority of Indian population is currently residing in the non-metros and there is a huge business opportunity in these regions. The buying pattern of low- and middle-income group is different especially in smaller markets and DealShare seems to have understood the nuances very well,” said Sandeep Singhal, cofounder and managing director at WestBridge Capital.
The latest funding takes the total amount raised by DealShare in the last two years to $34 million. Founded in 2018, the company targets the middle-income demographic, focusing on 500 million new-to-internet users.
“With this round of investment, we will augment our brand presence across existing and new markets. Over the next one year, we are targeting to increase our footprint to 100 cities and towns across five states,” Sourjyendu Medda, founder and chief business officer of DealShare, said. "Along with this, we will increase our customer base to 1 crore. This investment will take us to an annual GMV of Rs 2500 crore."
DealShare will use the capital proceeds for the next phase of its growth which will include expanding to newer geographies, penetrating deeper into current markets, scaling operations, expanding local sourcing networks and strengthening its technology platform across business verticals.
“Majority of Indian population is currently residing in the non-metros and there is a huge business opportunity in these regions. The buying pattern of low- and middle-income group is different especially in smaller markets and DealShare seems to have understood the nuances very well,” said Sandeep Singhal, cofounder and managing director at WestBridge Capital.