Connect with us

The Plunge Daily

Social commerce startup DealShare enters unicorn club after $130 mn funding

Social commerce startup DealShare turns unicorn after $130 mn funding

Funding News

Social commerce startup DealShare enters unicorn club after $130 mn funding

Jaipur-based social commerce startup DealShare announced that it has raised around $130 million in its Series E round, with the startup’s valuation surpassing USD 1 billion. The financing round was led by Tiger Global Management, Alpha Wave Global (managed by Falcon Edge Capital) along with the participation of other investors include Kora Investment, DF International Partners and Twenty Nine Capital Partners.

After the fundraise, DealShare is pegged at USD 1.5 billion making the startup fifth unicorn of 2022, joining the likes of Fractal Analytics, Darwinbox and LEAD. Tiger Global invested almost $40 million while Alpha Wave Ventures invested more than $31 million, The Economic Times reported citing data sourced from business intelligence platform Tofler. As a part of the transaction, the company allotted 42,983 Compulsorily Convertible Preference Shares (CCPS) to investors for an issue price of Rs 2,25,363 each for consideration in cash. With this round, the company has raised a total of $313 million so far.

In September, the company had unveiled its plan to invest USD 100 million (about Rs 736.3 crore) to scale its operations and hire about 5,000 people across various functions. In July, the startup raised $144 million from Tiger Global, WestBridge Capital, Alpha Wave Incubation and others. The company was valued at $455 million then.

Founded in 2018 by Rajat Shikhar, Sankar Bora, Sourjyendu Medda, Vineet Rao, DealShare sells grocery, essentials and home care product with low prices and vernacular browsing. The platform targets the middle-income demographic through a community group buying model. Since its inception, DealShare has been working with more than 1,000 indigenous brands.

Also Read: Zomato sets up NBFC arm; picks up minority stake in AdOnMo, UrbanPiper

In Delhi-NCR, DealShare has associated with more than 200 manufacturers. Notably, DealShare is the second social commerce unicorn in India after Meesho.It clocked about USD 700 million gross-revenue run rate in 2021. Having presence in 10 states and over 100 cities, it is targeting to expand to 20 states and 300 cities and towns.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top