DealShare, a social ecommerce startup has raised US$45 million funding in its extended Series E financing round from a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA).
The latest infusion brings the company’s valuation to US$1.7 billion.
Sourjyendu Medda, Founder and Chief Business Officer DealShare, said, “We are in touching distance of hitting $1B of gross revenue run rate with just 3 years in operation. We are likely to hit $3B of gross revenue run rate in the next 12 months. We will be tripling our geographical presence, investing heavily on acquiring talent, and building world class supply chain infrastructure. We are targeting operational profitability by the end of this year.”
In January 2022, DealShare had raised US$165 million in the first close of the Series E round, which saw participation from new investors including Kora Capital, Dragoneer Investments Group, Unilever Ventures, along with participation from Alpha Wave Global and Tiger Global.
The social ecommerce startup will be using the funds to power product innovation and technology to support its growth and expanding customer base.
“In a span of just 3 years, we have scaled to over 10 million customers and over 100 cities across 10 states. We will be utilizing the funds from our Series E round to strengthen our customer base and technology capabilities,” said Vineet Rao, Founder & CEO DealShare.
He added, “There is immense opportunity for our business outside India as well, and we would be exploring international expansion in the coming years.”
Founded in 2018 by Sankar Bora, Vineet Rao, Sourjyendu Medda, and Rajat Shikar, DealShare provides a curated collection at highly competitive prices and has built an innovative community leader driven ultra-low-cost delivery mechanism, collectively leading to best-in-class unit economics.
The startup targets the middle-income demographic, focusing on 500 million new-to-internet users. Its app-based buying platform helps people purchase multi-category products ranging from vegetables and fruits and grocery items to home décor products & fashion accessories. The platform allows users to buy and share deals with family & friends.
The company caters about to 400,000 orders daily and plans to expand to 200 plus cities across 20 states this year.