ETtechMumbai: Social commerce platform DealShare has raised $144 million in its latest funding round, at a valuation of $455 million. The round was led by New York venture fund Tiger Global and co-led by WestBridge Capital, Alpha Wave Incubation and Z3Partners. It also included partners of DST Global, Matrix Partners India, and Alteria Capital. Including this round, DealShare has raised a total of $183 million.
The company plans to use the funds to expand its operations, invest heavily in technology and build its team. It also plans to launch a tech hub in the UAE and is establishing its first base in Abu Dhabi. In subsequent quarters the company will export products from its regional brands to the country and later launch its direct-to-consumer business, cofounder Vineet Rao told ET.
Founded in 2018, DealShare sells daily essentials and targets the middle-income demographic, focusing on 500 million new-to-internet users. It has onboarded 3 million customers and delivered 1 lakh orders a day, supported by its army of local influencers.
Its most important category remains groceries, which social commerce rival Meesho is set to enter soon. DealShare’s competitor CityMall recently raised $22.5 million led by venture capital firms General Catalyst and Jungle Ventures.
Sourjyendu Medda, cofounder of DealShare, said, “The funds will be used to augment our growth. In FY21 we grew 5X to reach $200 million a GMV (gross merchandise value) run rate. In just 2 years, we have serviced more than 3 million consumers and over 20 million orders. We are confident of hitting a $1 billion GMV run rate by the end of the year and building a 10-million-strong customer base. We currently serve 40 cities and towns across 5 states and will increase our footprint to 100 cities and towns in 10 states by the end of the year.”
The company plans to use the funds to expand its operations, invest heavily in technology and build its team. It also plans to launch a tech hub in the UAE and is establishing its first base in Abu Dhabi. In subsequent quarters the company will export products from its regional brands to the country and later launch its direct-to-consumer business, cofounder Vineet Rao told ET.
Founded in 2018, DealShare sells daily essentials and targets the middle-income demographic, focusing on 500 million new-to-internet users. It has onboarded 3 million customers and delivered 1 lakh orders a day, supported by its army of local influencers.
Its most important category remains groceries, which social commerce rival Meesho is set to enter soon. DealShare’s competitor CityMall recently raised $22.5 million led by venture capital firms General Catalyst and Jungle Ventures.
Sourjyendu Medda, cofounder of DealShare, said, “The funds will be used to augment our growth. In FY21 we grew 5X to reach $200 million a GMV (gross merchandise value) run rate. In just 2 years, we have serviced more than 3 million consumers and over 20 million orders. We are confident of hitting a $1 billion GMV run rate by the end of the year and building a 10-million-strong customer base. We currently serve 40 cities and towns across 5 states and will increase our footprint to 100 cities and towns in 10 states by the end of the year.”