E-commerce startup DealShare said it has raised ₹25 crore in debt funding from Innoven Capital. This is the second round of fundraising for DealShare in the last six months, taking the total amount raised by the startup to ₹267 crore.
In December 2020, DealShare had raised Series C funding of ₹153 crore from WestBridge Capital and Alpha Wave Incubation, a venture fund managed by Falcon Edge Capital, Z3Partners, Matrix Partners India and Omidyar Network India.
Vineet Rao, CEO and Founder, DealShare said his vision was to bring the e-commerce experience to the masses, especially to the low-and mid-income population by using technology.
“We want to provide them with fun-filled and gamified shopping experience and this fundraising will give us the much-needed boost to progress in that direction. We will be utilizing the funds and Innoven Capital’s expertise to exponentially scale our geographic footprint. We are planning to scale our presence to 100 cities by the end of 2021,” said Rao.
DealShare claims it has been registering a 50% month on month growth. The company said it had clocked a GMV (gross merchandise value) run rate of INR 750 crore as of February this year. The brand is currently available across 5 states and 25 cities in India and has more than 2 million users.
“What is exciting about DealShare is their deep understanding of the consumers. Be it the assortment of products or the acquisition channels they are using or the engagement initiatives they have taken, all resonates their thorough knowledge about their customers,” said Ashish Sharma, MD & CEO, Innoven Capital.
By December 2021, DealShare expects to reach ₹3500 crore GMV run rate, as well as become operationally profitable.