E-commerce company Dealshare has become a unicorn following fresh fundraise of USD 45 million from Abu Dhabi Investment Authority at a valuation of USD 1.7 billion, the company said on Thursday.
The three-year old company was worth around USD 455 million about seven months ago when it closed a series D funding round. “While we already have large marquee investors, ADIA joining us gives us more strength. We now have a very diversified pool of investors. ADIA is one of the largest sovereign funds. It is investing USD 45 million in series E round,” Dealshare co-founder and chief business officer Sourjyendu Medda said.
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In January 2022, DealShare raised USD 165 million from Dragoneer Investments Group, Kora Capital, Unilever Ventures, and continued commitments from its existing investors, Tiger Global and Alpha Wave Global.
“While we have raised USD 393 million till date, we have been able to utilise only USD 70-75 million. We are likely to hit USD 3 billion of gross revenue run rate in the next 12 months. We will be tripling our geographical presence, investing heavily on acquiring top notch tech talent, and building world class supply chain infrastructure to aid this growth. We are targeting operational profitability by the end of this year,” Medda said.
Dealshare procure products from local manufacturers, mainly groceries, and provides them with a platform to digitize their business and scale their local brands. The company has plans to expand business to 200-220 cities from 130 cities, at present, by the end of 2022. Medda said that the company will expand 1,500 people on-roll to 5,000 people by the end of this year and off-roll will grow from 3,500-4,000 which will grow to close to 12,000 people.