Social commerce startup DealShare has raised a funding of $ 21 million in its Series C funding round led by WestBridge Capital. Other participants in this round include Alpha Wave Incubation, Matrix Partners India and Omidyar Network India.
The funding raised will be used for expanding the local sourcing network of the Jaipur-based startup and to expand its presence into new geographical areas. It will also help the startup to penetrate deeper into current market levels and increase its market shares. Vineet Rao, CEO of DealShare explained that Deal share plans to use the raised funds for strengthening its technology platform and talent pool, along with promoting “Made-for-India” solution.
DealShare was founded by Vineet Rao, Sourjyendu Medda, Rishav Dev, and Rajat Shikhar in 2018. The startup sells grocery and household items and serves about 25,000 orders per day. It has partnered with around 5000 brands and plans to add another 5000 brands on its platform by 2021.
Meesho, CityMall, and BulBul are the other social e-commerce platforms currently available in India. Recently, CityMall has raised $ 3 million in a seed funding round led by Elevation Capital, with saw participation from Waterbridge Ventures and LetsVenture.