Social E-Commerce Startup DealShare Raises Rs 25 Crore In Debt Funding
DealShare, a Jaipur and Bengaluru-based hyperlocal eCommerce startup, has raised Rs 25 crore in debt funding from Innoven Capital, making it second fundraising by DealShare in the last six months.
In December 2020, DealShare had raised $21 million in Series C funding led by WestBridge Capital.
As per the startup, it will be utilising the funds and Innoven Capital’s expertise to exponentially scale its geographic footprint. The startup is also planning to scale its presence to 100 cities by the end of 2021.
DealShare | Social E-Commerce Startup
Started by Vineet Rao, Rajat Shikhar, Sankar Bora, and Sourjyendu Medda, DealShare is a fast-growing social e-commerce startup, an online buying platform for multi-category consumer products, focused on the new ‘WhatsApp first’ India.
Talking about the funding, Vineet Rao, CEO and Founder of DealShare, said,
“DealShare has always been motivated towards bringing the eCommerce experience to the masses, especially the low and mid-income population. Since our inception, our vision has been to address the shopping needs of the 500 million new-to-internet users by providing them with best quality products at affordable prices.”
Vineet added,
“Using technology, we want to provide them with a fun-filled and gamified shopping experience, and this fundraising will give us the much-needed boost to progress in that direction.”
With more than two million users, the startup claims that it has been registering a 50% month-on-month growth. As of February 2021, the company had clocked a GMV run rate of Rs 750 crore.
By December this year, the startup is expected to reach a Rs 3500 crore GMV run rate, as well as become operationally profitable.
DealShare is currently available across five states and 25 cities in India and aims to increase its market presence to 3000 pin codes across five states.
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