DealShare turns unicorn; raises $165 mn from Tiger Global, Kora Capital, others

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DealShare turns unicorn; raises $165 mn from Tiger Global, Kora Capital, others
© Provided by Business Today DealShare turns unicorn; raises $165 mn from Tiger Global, Kora Capital, others

Social e-commerce start-up DealShare has become the latest entrant to the coveted unicorn club as the company raised $165 million in a Series E funding round at a valuation of over $1.6 billion.

the latest tech news, global tech news daily, tech news today, startups, usa tech, asia tech, china tech, eu tech, global tech, in-depth electronics reviews, 24h tech news, 24h tech news, top mobile apps, tech news daily, gaming hardware, big tech news, useful technology tips, expert interviews, reporting on the business of technology, venture capital funding, programing language

 

“The company welcomed Dragoneer Investments Group, Kora Capital and Unilever Ventures, along with continued commitments from existing investors Tiger Global and Alpha Wave Global (Falcon Edge),” DealShare said in a release.

Global Tech News Daily

 

The funds raised in the latest funding round will be utilised to invest in technology and data science, a ten-fold expansion in logistics infrastructure and increasing geographic reach. In addition, it will establish a sizable offline store franchise network, the company said.

Global Tech News Daily

 

DealShare said its consumer and revenue base has been growing strongly, and it expects to hit $1 billion revenue in the near term.

 

Founded by Vineet Rao, Sourjyendu Medda, Sankar Bora, and Rajat Shikhar in 2018, DealShare provides a curated assortment at “highly competitive prices”. The company says it has built an innovative community leader driven ultra-low-cost delivery mechanism, collectively leading to best-in-class unit economics.

 

DealShare has partnered with over 1,000 local and regional brands and sources its products directly from the manufacturers.

 

Rao said the company’s revenue and customer base have grown 13 times in the last year with improving profitability. With a customer base of over 1 crore, it has expanded its geographical presence to over 100 cities across 10 states. Besides, the company has created job opportunities for over 5,000 persons across the country, he claimed.

 

Also Read: Evenflow partners with Assiduus Global to strengthen supply chain

“We have created a network of over 1,000 community leaders under our flagship program DealShare Dost enabling an efficient and highly scalable supply chain. We will be utilising the proceeds from the round to invest heavily into technology, improving the supply chain and expanding our footprint throughout the country. We will also invest in acquiring best-in-class technologies and marquee brands that are focused on the mass market,” Rao said on the latest fund raise.

 

DealShare Chief Business Officer and founder Medda said that the company will expand its presence to over 200 cities across 20 states this year, and is targeting to increase its annual revenue run rate to $3 billion while becoming operationally profitable.

 

The company’s annual revenue run rate is currently above $600 million. Medda also said that DealShare is aiming to add about 5 crore new consumers in the next 12 months.

 

“Our mission is to increase affordability and accessibility of high-quality products at low prices for mass consumers. We have created a unique network of more than 1,000 small and medium manufacturers in the grocery and essential space which allow us to enable our mission. Majority of our consumers are first to e-commerce because of us. Not only are we spearheading e-commerce adoption in the country but we are also doing that with ‘Atmanirbhar Bharat’ as the key focus,” he said.

Also Read: Women’s wellness brands tackle access with tech, but what about awareness?

 

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