DealShare, one of India’s e-tailers has raised INR 25 crores in debt funding from Innovate Capital. This is the second round of fundraising that DealShare has in the last 6 months. In December 2020, DealShare had raised Series C funding of around INR 153 crores from WestBridge Capital, Alpha Wave Incubation – a venture fund managed by Falcon Edge Capital, Z3Partners, Matrix Partners India, and Omidyar Network India. With this latest round of funding, the total amount raised by DealShare stands at INR 267 crores.
Commenting on the fundraising, Vineet Rao, CEO, and Founder, DealShare, said, “DealShare has always been motivated towards bringing the e-commerce 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 the best quality products at affordable prices. 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. We will be utilizing the funds and Innoven Capital’s expertise to exponentially scale our geographic footprint. We are planning to scale our presence to 100 cities by the end of 2021”
“We are happy to partner with DealShare and support them in making e-commerce accessible to all. What is exciting about DealShare is its deep understanding of the consumers. Be it the assortment of products or the acquisition channels they are using or the engagement initiatives they have taken, all resonate with their thorough knowledge about their customers. They have used a unique consumer approach combining discovery-led social sharing, group buying, gamified shopping experience, and personalized region-focused consumer outreach to acquire, engage and retain the consumers. We are confident that this approach will help them scale faster. We are eager to work closely with Vineet and his team and enable them to reach the next phase of growth as fast as possible”, added Ashish Sharma, MD & CEO, Innoven Capital.
DealShare has been registering a 50% month-on-month growth. As of February 2021 the company had clocked a GMV run rate of INR 750 crores. The brand is currently available across 5 states and 25 cities in India and has more than 2 million users.
By December 2021, DealShare is expected to reach an INR 3500 crore GMV run rate, as well as become operationally profitable. The company is aiming to increase its market presence to 3000 pin codes across 5 states; while offering a unique assortment of 10000 SKUs with a lot of localization of assortment.