Newly-turned unicorn DealShare has raised $45 million as part of its series E funding round from the Abu Dhabi Investment Authority (ADIA) at a valuation of $1.7 billion. With this, the company has raised total funding to $393 million till date.
The social e-commerce company will use the funds for expansion, hiring and product innovation.
Earlier in 2022, DealShare raised $165 million in the first close of its Series E fundraise from Dragoneer Investments Group, Kora Capital, Unilever Ventures, and existing investors, Tiger Global and Alpha Wave Global (Falcon Edge).
Founded by Vineet Rao, Sourjyendu Medda, Sankar Bora, and Rajat Shikhar in 2018, DealShare provides a sharp and curated assortment at highly competitive prices and has built an innovative community leader driven ultra-low-cost delivery mechanism, collectively leading to best-in-class unit economics.
Sourjyendu Medda, Founder and Chief Business Officer, said, “We are in touching distance of hitting $1B of gross revenue run rate with just 3 years in operation. We are likely to hit $3B of gross revenue run rate in the next 12 months. We will be tripling our geographical presence, investing heavily on acquiring talent, and building world class supply chain infrastructure. We are targeting operational profitability by the end of this year.”
The company currently has monthly active users (MAUs) of about 60 lakhs and transacting customers of 20 lakhs.
Vineet Rao, Founder & CEO of DealShare, said, “In a span of just 3 years, we have scaled to over 10 million customers and over 100 cities across 10 states. We will be utilizing the funds from our Series E round to strengthen our customer base and technology capabilities.”
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
