Bengaluru, India – Fast-growing social e-commerce start-up DealShare in India has announced that it has recently raised US$45m as part of its series E funding round from a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), which takes the company’s total funding to US$393m and valuation to US$1.7b.
DealShare is a rapidly growing social commerce company focused on catering to new-to-internet and value-seeking users. It offers low-priced essentials coupled with a gamified, fun-filled, and virality-driven shopping experience to make it easy for first-time internet users to experience online shopping.
The company said it will use the fresh funds to power product innovation and technology to support its rapid growth and expanding customer base.
Vineet Rao, founder & CEO of DealShare, said that the company aims to democratize online shopping for Bharat users with unmatched service and experience by developing innovative products and tech solutions
“We are thrilled to welcome ADIA as a shareholder as part of our next phase of growth. The support that we have been receiving from the investor community is very encouraging. It is a testimony of the confidence in DealShare’s vision, business model, and an acknowledgement of the growth we have been exhibiting. In a span of just 3 years, we have scaled to over 10 million customers and over 100 cities across 10 states,” said Rao.
Sourjyendu Medda, DealShare’s founder and chief business officer, shared that it is likely to hit US$3b of gross revenue run rate in the next 12 months and will be tripling its geographical presence, investing heavily on acquiring top-notch tech talent, and building world-class supply chain infrastructure to aid said growth.
The company was founded in 2018. In January 2022, DealShare raised $165m in the first close of its Series E fundraise. The company welcomed Dragoneer Investments Group, Kora Capital, Unilever Ventures, and continued commitments from its existing commitments investors, Tiger Global and Alpha Wave Global (Falcon Edge).
