Tiger Global-led fund invests 144 mn USD in DealShare

WestBridge Capital, Alpha Wave Incubation (a venture fund backed by ADQ, and managed by Falcon Edge Capital) and Z3Partners, partners of DST Global, Matrix Partners India, and Alteria Capital also participated in the round.

This transaction marks the third funding for the company in a span of seven months, with the valuation increasing nine-folds to $455 million on the back of high growth momentum. With the current round, the total funding raised by DealShare stands at $183 million.

“We would be utilising the funds primarily to invest in AI-driven innovations in our user experience leading to a highly personalized, fun-filled and gamified experience. We will also invest in improving and scaling up our operations rapidly. We expect our footprint to increase from 20 warehouses across 5 states to over 200 warehouses across 10 states by the end of this year,” Dealshare founder and CEO Vineet Rao said in a statement.

He said India is a unique market with its highly diverse demographics and requires an indigenous model that is built based on first principles and differentiates itself from western and Chinese e-commerce models.

Dealshare founder, chief business officer and chief finance officer Sourjyendu Medda said the funds will be used to augment company’s current growth trajectory.

“In the financial year (FY) 20-21 fiscal, we grew 5 times to reach $200 million annual gross merchandise value run rate. In 2 years, we have serviced over 3 million consumers and over 20 million orders. We are confident of hitting a $1 billion GMV run rate by the year end thereby building a strong 10 million customer base,” Medda said.

The company at present serves 40 cities and towns across 5 states and aims to increase its footprint to 100 cities and towns across 10 states by the end of this year.