Social Ecommerce Startup DealShare Raises $21 Million From WestBridge Capital

Social Ecommerce Startup DealShare Raises $21 Million From WestBridge Capital

• DealShare is one of the fastest-growing social e-commerce platforms for multi-category consumer products.
• The startup will use the funding to strengthen its technology platform across business verticals and expand into new geographies.
• Till date, It has raised $34 million in funding.

Bangalore-based social e-commerce startup DealShare has raised $21 million (or about Rs 154 crore) in a Series C funding round led by India-focused investment firm WestBridge Capital and Alpha Wave Incubation, a venture fund managed by Falcon Edge Capital, LP, Z3Partners.

Matrix Partners India and Omidyar Network India has been an early investor in DealShare.

The startup will use the funding to strengthen its technology platform across business verticals and expand into new geographies, as well as penetrate deeper into current markets.

“We will use the capital proceeds for the next phase of its growth, which will include expanding to newer geographies, penetrating deeper into current markets, scaling operations, expanding local sourcing networks, and strengthening its technology platform across business verticals,” said Sourjyendu Medda.

In October 2019, DealShare raised $11 million in a Series A round led by Matrix Partners India, Omidyar Network, Falcon Edge Capital, and DST Global. Till date, It has raised $34 million in funding.

Founded in 2018 by Vineet Rao, Sourjyendu Medda, Shankar Bora, and Rajat Shikhar, DealShare is one of India’s fastest growing social e-commerce platform, currently has 25,00,000+ customers all over India.

The platform is focused on selling multi-category products, including fruits & vegetables, grocery items, beauty & wellness, baby care, pet care, fashion accessories, electronics, home decor, etc.

“Our mission is to target the new 500 million users in non-metro and rural markets who haven’t shopped enough online and who are still not comfortable on other platforms. These users are primarily on mobile & social media,” the startup mentioned.

“We are targeting to increase our footprint to 100 cities and towns across five states. Along with this, we will increase our customer base to one crore. This investment will take us to an annual GMV of Rs 2,500 crore,” said Sourjyendu Medda, Founder and Chief Business Officer, DealShare.

DealShare is much focused on an Indian language model and providing a simplified version of the app. “It is important to connect with people on the local flavors. We focussed on a Kirana like experience, there is no fancy packaging, and the consumer gets the feel of the neighborhood Kirana,” he added.

“The buying pattern of low- and middle-income groups is different, especially in smaller markets, and DealShare seems to have understood the nuances very well. What has set DealShare apart is its unique business approach, and we look forward to working with the team as they further expand their presence across India,” said Sandeep Singhal, Co-founder, WestBridge Capital.

“We plan to strengthen & leverage the local economy and entrepreneurs, especially in Tier II, III, and IV cities of India,” said Sankar Bora, Founder, and Chief Operating Officer, DealShare.

With an average of 1,000 stock-keeping units (SKU) across different categories, DealShare delivers about 25,000 orders daily. At present, it has around 1,000 manufacturers and suppliers, of which 70% are regional or local.