Dealshare turns Unicorn with $129 Mn Series E funding led by Tiger Global

DealShare

DealShare, a Bengaluru-based social commerce startup, raised $129 Mn in an ongoing Series E round. The round saw participation from existing investors Tiger Global and Alpha Wave Incubation, alongside new investors Kora Investment, DF International Partners and Twenty Nine Capital Partners.

The round values the company at $1.62 Bn estimatedly, turning DealShare into the latest entrant into the coveted unicorn club. The startup’s valuation has more than tripled since its last fundraise in July 2021. The company has raised around $330 Mn to date, joining the league of startups turning unicorns in 2022 alongside SaaS Startup Fractal AI, edtech LEAD and HR Tech startup DarwinBox.

Founded in September 2018 by Sourjyendu Medda, Vineet Rao, Sankar Bora and Rajat Shikhar, Dealshare focused on bringing an online shopping experience to first-time internet users in India’s hinterlands. The platform targets the mass-market population in tier 2-3 towns with a monthly household income of less than INR 50,000. It has more than 3 Million users in India.

It enables first-time internet users to shop online mainly targeting the middle-class population and uses two ways to bring down the cost of essential products for the mass market segment — directly sourcing household items of lesser-known brands and selling products via community sales.

The startup mainly uses two ways to bring down the cost of essential products for the mass market segment; it directly sources household items of lesser-known brands in smaller towns from the factories and manufacturers, cutting down the distribution and channel sales. In small communities and markets, we work with community leaders to streamline sales. It uses platforms such as Telegram and WhatsApp to build its customer base and gives group-buying discounts on these essentials. It also uses a network of over 50,000 influencers to make deals viral and offer consumers incentives to share product deals with their friends.

Vineet Rao, Founder Of Dealshare, “In 2021, we were able to pull over 5 Mn customers from the real Bharat into the fold of online shopping, particularly for groceries and essentials.”

He had previously also claimed that the company’s gross revenue increased by 10X over last year with an ARR of $750 Mn for FY22.

In 2021, the startup had a network of over 50,000 influencers to make deals viral and offer consumers incentives to share product deals with their friends.The startup had previously also mentioned that it was expanding operations from the current 10 states and 70+ cities to 20 states and 300+ cities by December 2022.

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