[Funding alert] DealShare raises Rs 70 Cr from venture debt firm Alteria Capital
Hyperlocal ecommerce startuphas raised Rs 70 crore from venture debt firm . The startup is focussed on the mid-income demographic of 500 million new Internet users and has raised total capital of $34 million.
Speaking on the investment, Sourjyendu Medda, Co-founder, DealShare, said:
“We have seen tremendous growth in the last few years as we marched forward in our mission to cater to 500 million new-to-internet users. We are very happy to partner with Alteria Capital as they share a common vision and this capital will help us boost our progress in the right direction.”
DealShare Founding team
The debt is expected to be utilised for expansion into several new markets as well as marketing purposes.
In December 2020, DealShare had raised $21 million in Series C funding led by WestBridge Capital. The round also saw participation from Alpha Wave Incubation - a venture fund managed by Falcon Edge Capital, Z3Partners, and existing investors Matrix Partners India and Omidyar Network India. Several independent investors too participated in this round of funding.
The team is now looking at the next phase of its growth, which will include expanding to newer geographies, penetrating deeper into current markets, scaling operations, expanding local sourcing networks, and strengthening its technology platform across business verticals.
“We believe DealShare is poised well to play a pivotal role in bringing ecommerce to the masses in India to serve their recurring shopping needs. The company also empowers regional brands to participate in the ecommerce revolution and connect directly to the end consumer. We are very excited to partner with the team as they unlock their next phase of growth,” said Ankit Agarwal, Partner, Alteria Capital.
Alteria Capital is India’s largest Venture Debt provider with a corpus of Rs 2,300 crore across two funds. It recently raised commitments of Rs 1,325 crore from domestic investors for its second venture debt fund.
Alteria has backed companies like Rebel Foods,, , , , , , , , , , , , , and many others. Alteria said it will effectively have over Rs 4,000 crore available for funding startups across venture debt and structured solutions.