~Total funding raised till date stands at INR 267 crores~
DealShare, one of India’s fastest-growing e-tailers has raised INR 25 crores in a debt funding from Innoven Capital. This is the second round of fund raising that DealShare has in the last 6 months. In December 2020, DealShare had raised Series C funding of around INR 153 crores from WestBridge Capital, Alpha Wave Incubation – a venture fund managed by Falcon Edge Capital, Z3Partners, Matrix Partners India and Omidyar Network India. With this latest round of funding, the total amount raised by DealShare stands at INR 267 crores.
Commenting on the fund raising, Mr Vineet Rao, CEO and Founder, DealShare, said, “DealShare has always been motivated towards bringing the e-commerce experience to the masses, especially the low and mid-income population. Since our inception, our vision has been to address the shopping needs of the 500 million new-to-internet users by providing them with best quality products at affordable prices. Using technology, we want to provide them with fun-filled and gamified shopping experience and this fund raising will give us the much needed boost to progress in that direction. We will be utilizing the funds and Innoven Capital’s expertise to exponentially scale our geographic footprint. We are planning to scale our presence to 100 cities by the end of 2021”
“We are happy to partner with DealShare and support them in making e-commerce accessible to all. What is exciting about DealShare is their deep understanding of the consumers. Be it the assortment of products or the acquisition channels they are using or the engagement initiatives they have taken, all resonates their thorough knowledge about their customers. They have used a unique consumer approach combining discovery led social sharing, group buying, gamified shopping experience and personalized region focused consumer outreach to acquire, engage and retain the consumers. We are confident that this approach will help them scale faster. We are eager to work closely with Vineet and his team and enable them to reach the next phase of growth as fast as possible”, added Ashish Sharma, MD & CEO, Innoven Capital.
A staunch believer of positive unit economics, DealShare stands as a tall example of a company that has grown rapidly, while maintaining a low operational costs. DealShare has been registering a 50% month on month growth. As on February, 2021 the company had clocked a GMV run rate of INR 750 crores. The brand is currently available across 5 states and 25 cities in India and has more than 2 million users.
By December 2021, DealShare is expected to reach INR 3500 crore GMV run rate, as well as become operationally profitable. The company is aiming to increase their market presence to 3000 pin codes across 5 states; while offering a unique assortment of 10000 SKUs with a lot of localization of assortment.
About DealShare: DealShare is an incredibly disruptive e-commerce model objectified towards re-inventing e-retail for next billion internet users. Currently, DealShare is present in 25+ cities and towns across Rajasthan, Gujarat, Maharashtra, Karnataka & NCR and it plans to expand to 100+ cities in 2021. The company has acquired more than 2 million consumers and adding lacs of new consumers every month. DealShare caters to about 50 thousand orders on a daily basis. Since their inception, their focus has been to procure products from local manufacturers and provide them with a platform to digitize their business and compete with lead brands. At present, DealShare has partnered with 1000 brands of which 70% are local and regional brands. They are also planning to add 5000+ local brands to their portfolio in 2021. For more information, visit: https://www.dealshare.in
Innoven Capital: InnoVen Capital is Asia’s leading venture lending firm providing debt capital to high growth ventures. Started in 2008 as the first dedicated venture debt provider in India, the platform offers multiple debt capital solutions, including venture debt, acquisition finance, growth loans, and syndication. To date, InnoVen Capital India has completed over 250 transactions with more than 180 start-ups, including Byjus, Swiggy, Oyo Rooms, CureFit, Dailyhunt, FirstCry, Infra.market, PharmEasy, Eruditus, Pepperfry, boAT, Licious, Myntra, Blackbuck, Rebel Foods, Zetwerk and many more. For more information, please visit http://www.innovencapital.com