DealShare raised $144 million in its Series D funding round led by Tiger Global. The round was co-led by WestBridge Capital, Alpha Wave Incubation, Z3Partners with support from DST Global, Matrix Partners India, and Alteria Capital.
DealShare, founded in September 2018 by Vineet Rao, Sourjyendu Medda, Sankar Bora, and Rajat Shikhar focuses on bringing an online shopping experience to first-time internet users. The founders believe that they can build a different kind of online commerce for the mass market population in Tier 2 and Tier 3 towns with a monthly household income of less than Rs 50,000.
It is estimated that 70-80 per cent of the wallet spend in this target segment goes towards basic essentials, by bringing quality products at low prices. Its founder and CEO Vineet Rao said it’s direct from factory acquisition, innovations in in-app experience, and building a community leader network has helped it operate at a low cost. “This has enabled DealShare to rapidly grow to $200M GMV ARR. We would be using the funds primarily to invest in AI-driven innovations in our user experience leading to a personalized, fun-filled, and gamified experience,” he said. DealShare claims its 6 lakh-7 lakh monthly active users use its app over 40 times a month. So far, it has provided services to more than 3 million consumers and had over 20 million orders.