DealShare raises $144 million led by Tiger Global
Premium- With the current round, the total funding raised by DealShare, which was founded in 2018, stands at $183 million, with its valuation pegged at $455 million post-funding
BENGALURU: Social e-commerce startup DealShare on Thursday said it has raised $144 million in a Series D round, led by Tiger Global in its third fund-raise in the last seven months.
The new funding round was co-led led by WestBridge Capital, Alpha Wave Incubation (a venture fund backed by ADQ, and managed by Falcon Edge Capital) and Z3Partners.
Partners of DST Global, Matrix Partners India and Alteria Capital participated in the round.
With the current round, the total funding raised by DealShare, which was founded in 2018, stands at $183 million, with its valuation pegged at $455 million post-funding.
“We believe India is a unique market with its highly diverse demographics and requires an indigenous model that is built based on first principles and differentiates itself from western and Chinese e-commerce models," said Vineet Rao, CEO and founder, DealShare.
Rao said the funds would be utilized to invest in AI-driven innovations in its user experience leading to a highly personalized, fun-filled and gamified experience.
“Our monthly active users already use our app over 40 times a month making it the most engaging e-commerce app and we will continue to add more innovative capabilities and services to serve a wider range of user needs. We will also invest in improving and scaling up our operations rapidly. We expect our footprint to increase from current 20 warehouses across 5 states to over 200 warehouses across 10 states by end of this year," added Rao.
Avendus was the exclusive financial advisor for this transaction.
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“We are excited to partner with DealShare as they grow the Indian E-commerce market. DealShare’s unique approach combines discovery-led social sharing, group buying, and a gamified shopping experience with a simple consumer interface. They are well-positioned to power the next wave of Indian e-commerce growth," said Griffin Schroeder, partner at Tiger Global.
Sourjyendu Medda, co-founder, chief business officer and chief finance officer, DealShare, said the funds will be used to augment the current growth trajectory.
“…We are confident of hitting a $1 billion GMV (gross merchandise value) run rate by end of the year, thereby building a strong 10 million customer base. We currently serve 40 cities and towns across 5 states and will increase our footprint to 100 cities and towns and 10 states by year-end," Medda said.
Navroz Udwadia, co-founder and CEO, Falcon Edge Capital said DealShare is a business that expects to break even in the next 12 months. The company will also expand internationally, starting with the UAE and is establishing its first base in Abu Dhabi.
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