Social e-commerce platform DealShare announced on Thursday that it has secured an additional $45 million in funding from the Abu Dhabi Investment Authority (ADIA) as part of its series E funding round. This brings the total funding for the company to $393 million, with a valuation of $1.7 billion.
Funding Utilization
The company plans to utilize the funds to enhance product innovation and technology to support its rapid growth and expanding customer base. DealShare’s Founder and CEO, Vineet Rao, highlighted the significant progress made by the platform, boasting over 10 million customers and a presence in more than 100 cities across 10 states within just three years.
Unique Shopping Experience
DealShare differentiates itself by offering low-priced essentials alongside a gamified, fun-filled, and virality-driven shopping experience, making it accessible for first-time internet users to engage in online shopping.
Expansion Plans
With the newly acquired funds, DealShare aims to strengthen its teams across the country and recruit new tech talent at all levels to further enhance its platform and services.
Addressing Market Needs
Hamad Shahwan Al Dhaheri, Executive Director of the Private Equities Department at ADIA, highlighted the significance of DealShare’s role in addressing the evolving needs of India’s e-commerce ecosystem, particularly in catering to an underserved and growing segment.
Previous Funding Rounds
DealShare had previously secured $165 million in funding during its Series E round from investors such as Tiger Global, Alpha Wave Global, Dragoneer Investments Group, Kora Capital, and Unilever Ventures.
Projected Growth
Looking ahead, DealShare is poised to achieve a gross revenue run rate of $1 billion within its first three years of operation. Sourjyendu Medda, Founder and Chief Business Officer, expressed optimism about the platform’s future growth, projecting a gross revenue run rate of $3 billion within the next 12 months.
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