DealShare FY23 losses widen 14% to Rs 502.7 crore; expenses rise marginally
Tiger Global-backed DealShare closed its B2B vertical last year, resulting in a reduction of its workforce. Co-founders Sourjyendu Medda, Sankar Bora, and Vineet Rao recently stepped down.
Social commerce platform DealShare’s FY23 losses widened 14% to Rs 502.7 crore, up from Rs 440.7 crore incurred in the previous year. Total expenses increased marginally to Rs 2,557.6 crore from Rs 2,340.3 crore.
The Bengaluru-based firm posted a 5% increase in revenue from operations to Rs 1,963.5 in FY23 from the year-ago period, as per filings with the Ministry of Corporate Affairs (MCA).
This comes at a time when is undergoing a change in business model and the exits of senior-level employees. Recently, Co-founder Sourjyendu Medda stepped down after a five-year stint. CEO Vineet Rao and COO Sankar Bora exited the social commerce firm last year.
Kamaldeep Singh—previously the president of DealShare’s retail business—took over the role of CEO, which was vacant since July last year, the company said in a statement earlier this month.
The firm also shut down its business-to-business operations in September last year and let go of several employees in the process.
Founded in 2018 by Rajat Shikhar, Sankar Bora, Sourjyendu Medda, and Vineet Rao, DealShare sells daily essentials and targets the middle-income demographic through a community group-buying model.
The Gurugram-based company is now undergoing a shift in its business model from online-only to an omnichannel retail presence.
Back by Tiger Global, it attained unicorn status in January 2022 after raising $165 million in funding. In total, it has secured upwards of $390 million to date. Other key investors include Alpha Wave Global, Matrix Partners, and DST Global.
Edited by Kanishk Singh