Bengaluru: DealShare, one of India’s fastest-growing e-tailers has raised INR 25 crores in debt funding from Innoven Capital.
This is the second round of fundraising 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 fundraising, 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 the best quality products at affordable prices. Using technology, we want to provide them with a fun-filled and gamified shopping experience and this fundraising 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”
A staunch believer of positive unit economics, DealShare stands as a tall example of a company that has grown rapidly, while maintaining low operational costs. DealShare has been registering a 50% month-on-month growth. As of 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 an INR 3500 crore GMV run rate, as well as become operationally profitable. The company is aiming to increase its market presence to 3000 pin codes across 5 states; while offering a unique assortment of 10000 SKUs with a lot of localization of assortment.