DealShare enters the unicorn club following a USD 165 million funding
Category: #business  By Pranali Mehta  Date: 2022-01-31
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DealShare enters the unicorn club following a USD 165 million funding
  • The recent funding was led by existing investors Tiger Global and Alpha Wave.
  • DealShare will use the fresh funds to invest in data science, technology, and improve logistics.

DealShare, a social commerce startup, has announced to have secured USD 165 million in Series E funding, acquiring the unicorn status at a USD 1.6 billion valuation. The news comes as the startup space continues to witness a funding spree, despite some listed technology stocks dropping a few weeks ago.

The recent funding was led by existing investors Tiger Global and Alpha Wave while also seeing participation from Dragoneer Investments Group, Unilever Ventures, and Kora Capital. It is worth noting that DealShare was worth USD 455 million during its last fundraising six months ago, now quadrupling its value within a year.

DealShare was founded in September 2018, to offer an online shopping experience to first-time internet users in India. The company uses two ways to reduce the cost of essential goods for the mass market segment.

The company directly sources household products of lesser-known brands to households, thereby minimizing distribution costs. DealShare is also known to use platforms such as Telegram and WhatsApp to develop a customer base as well as offer group-buying discounts on these items.

Apart from this, DealShare uses a network of influencers to go viral and provide consumer incentives to share product deals with their knowns.

The three-year-old startup intends to generate USD 1 billion in revenue this term and will use the fresh funds to invest in data science, technology, and enhance its logistics. Reports show that DealShare is also planning to go offline by establishing some store franchise networks.

DealShare is now India’s 5th company to acquire unicorn status in 2022 alone and competes with Meesho, CityMall, BulBul, and Shop 101.

Source Credits –

https://www.moneycontrol.com/news/business/startup/dealshare-turns-unicorn-with-165-million-funding-led-by-tiger-global-8001441.html

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About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

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