[Funding alert] DealShare raises Rs 25 Cr debt funding from Innoven Capital
Jaipur and Bengaluru-based hyperlocal ecommerce startup DealShare has raised Rs 25 crore in debt funding from Innoven Capital.
This is the second round of fund raising by DealShare in the last six months. In December 2020, the startup had secured Series C funding of around Rs 153 crore 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 Rs 267 crore, according to a statement.
Vineet Rao, CEO and Founder, DealShare, said,
“DealShare has always been motivated towards bringing the ecommerce 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 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 utilising 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.”
DealShare claims that it has been registering a 50 percent month on month growth. As of February, 2021, the company had clocked a GMV run rate of Rs 750 crore. The brand is currently available across five states and 25 cities in India and has more than two million users.
By December 2021, DealShare is expected to reach Rs 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 five states; while offering an assortment of 10000 SKUs with a lot of localisation of assortment.
“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 personalised region focused consumer outreach to acquire, engage and retain the consumers. We are confident that this approach will help them scale faster,” added Ashish Sharma, MD and CEO, Innoven Capital.
Edited by Anju Narayanan