Social ecommerce unicorn Dealshare sees revenue plunge 74% in FY24
De-growth in Dealshare's operating revenue was offset by improvements in its total expenses helped by lower employee benefits costs.
Social ecommerce platform Dealshare witnessed a 74% fall in the operating revenue in FY24, as the company finds its footing under new leadership and a different operating model.
The Tiger Global-backed company reported Rs 499.1 crore in operating revenue compared to Rs 1,963 crore in the previous year.
Meanwhile, its losses shrunk 66% to Rs 167.2 crore in FY24 compared to Rs 502.7 crore in the previous year, according to regulatory filings made with the Registrar of Companies (RoC).
De-growth in the company's operating revenue was offset by improvements in its total expenses helped by lower employee benefits costs. Dealshare laid off several employees amid the CXO shuffle and shutting down its B2B operations.
Earlier in January, Co-founder Sourjyendu Medda exited the social commerce platform just months after co-founders Vineet Rao and Shankar Bora stepped down in November 2023.
Following Medda’s departure, the Bengaluru company named Kamaldeep Singh as the CEO and added former Zepto executive Ashish Shah as its Chief Financial Officer in July.
The executive reshuffle happened when Dealshare was moving towards an omnichannel model from its earlier online-only format.
The company attained the coveted unicorn status in January 2022 after raising $165 million in a funding round led by Tiger Global Management and Alpha Wave Global, among others. It is currently valued at $1.7 billion, as per Tracxn.
Edited by Suman Singh
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