Social commerce grocery startup Dealshare has raised $165 million funding led by Tiger Global and Alpha Wave Global, Dragoneer Investments Group, Kora Capital and Unilever Ventures.
The company has been growing its consumer and revenue base strongly and expects to hit $1bn revenues in the near term. The funds raised in this round will be utilized to invest in technology and data science, as well as a ten-fold expansion in its logistics infrastructure and to increase geographic reach.
DealShare becomes the fourth unicorn of 2022, joining the likes of Fractal Analytics, Darwinbox and LEAD. Founded by Vineet Rao, Sourjyendu Medda, Sankar Bora, and Rajat Shikhar in 2018, DealShare provides a sharp and curated assortment at highly competitive prices and has built an innovative community leader driven ultra-low-cost delivery mechanism collectively leading to best-in-class unit economics. DealShare has boosted its senior leadership by recruiting top industry leaders with deep experience in retail and consumer technology.
“DealShare is one of the fastest growing e-commerce companies in India. Our revenues and customer base have grown 13 times in the last year with improving profitability. With a strong customer base of over 10 million, we have expanded our geographical presence to over 100 cities across 10 states. Our company has created job opportunities for over 5,000 persons across the country.”Vineet Rao, founder and CEO of DealShare, said.
DealShare provides a sharp and curated assortment at highly competitive prices and has built an innovative community leader driven ultra-low-cost delivery mechanism collectively leading to best-in-class unit economics. DealShare has boosted its senior leadership by recruiting top industry leaders with deep experience in retail and consumer technology.
“This year, we will be expanding our presence to well over 200 cities across 20 states and are setting an audacious goal to increase our annual revenue run rate to $3 billion while becoming operationally profitable. We also aim to add close to 50 million new consumers in the next 12 months.” Sourjyendu Medda, Founder, chief business officer, DealShare, said.
DealShare operates over 100 warehouses in the 10 states it operates in, and plans to expand its warehousing from 2 million square feet today to 20 million square feet over the next 12 months.
“DealShare is growing rapidly and has built an impressive customer base with a strong leadership team executing on its innovative social commerce strategy. As it expands into Tier 2 and Tier 3 cities, DealShare is well positioned to power a new wave of e-commerce growth in India.” Griffin Schroeder, Partner, Tiger Global, said.
DealShare is a disruptive e-commerce model built towards re-inventing e-retail for the next billion internet users. Currently, DealShare is present in 100+ cities across 10 states and it plans to expand to 200+ cities across 20 states in 2022. The company has acquired more than 10 million consumers and adds lacs of new consumers every month. DealShare caters to about 4 lakh orders daily. Since its inception, company’s focus has been to procure products from local manufacturers and provide them with a platform to digitize their business and scale their local brands. At present, DealShare has partnered with over 1,000 local and regional brands and sources its products directly from the manufacturers.