DealShare Raises $165M In Series E Round, Enters Unicorn Club
DealShare, a social commerce platform, has raised $165 million in the first close of its Series E funding round from Dragoneer Investments Group, Kora Capital, and Unilever Ventures.
The funding round also saw participation from existing investors Tiger Global and Alpha Wave Global (Falcon Edge). With this funding, DealShare has entered the coveted billion-dollar unicorn club after its valuation rose to over $1.6 billion.
DealShare will use the funds to invest in technology and data science and a ten-fold expansion in its logistics infrastructure to increase geographic reach.
Dealshare | Next Generation Disruptive Social eCommerce
Founded by Vineet Rao, Rajat Shikhar, Sankar Bora, and Sourjyendu Medda in 2018, Dealshare is a social e-commerce startup, an online buying platform for multi-category consumer products, focused on the new ‘WhatsApp first’ India.
The three-year-old startup uses a community-driven approach to offer high-quality, low-priced essentials for mass consumers at competitive prices, especially in Tier II and III cities.
Speaking about the development, Vineet Rao, Founder and CEO, DealShare, said,
“We will be utilising the proceeds from the round to invest heavily into technology, improving the supply chain, and expanding our footprint throughout the country. We will also invest in acquiring best-in-class technologies and marquee brands that are focused on the mass market.”
As per Vineet, DealShare has a customer base of over 10 million and is present in over 100 cities across 10 states. He added that the revenue and customer base of the startup had grown 13 times in the last year with improving profitability.
The social commerce platform operates over 100 warehouses and plans to expand its warehousing from two million square feet today to 20 million square feet over the next 12 months. DealShare plans to establish a sizable offline store franchise network and expects to hit the $1 billion mark in revenue in the near term.
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