Bengaluru : 3-year-old social e-commerce start-up DealShare today announced that it has raised $165million in the first close of its Series E fund raise. 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).
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. In addition, it will establish a sizable offline store franchise network.
DealShare has built a new disruptive retail model for India focusing on affordability for mass consumers. It offers high-quality, low-priced essentials coupled with a gamified, fun-filled, and virality-driven shopping experience, making it easy for first-time internet users to experience online shopping.
“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 & CEO of DealShare, said.