Social commerce startup DealShare said it has raised $165 million at a valuation of $1.6 billion, giving it the unicorn tag, as the funding spree continues, even as listed technology stocks got hammered in the last couple of weeks.
This was the first close of the 3-year old's startup's Series E fundraise. Apart from existing investors such as Tiger Global and Alpha Wave Global, new investors such as Dragoneer Investments Group, Kora Capital, and Unilever Ventures participated in the round. In its last round of funding six months ago, DealShare was valued at $455 million, quadrupling its valuation in less than a year.
The company said it expects to hit $1 Bn in revenues in the near term and will use the money raised to invest in technology and data science, as well as building out its logistics. It is also planning to offline, with a store franchise network.
DealShare, founded in September 2018 by Vineet Rao, Sourjyendu Medda, Sankar Bora, and Rajat Shikhar, is focused on bringing an online shopping experience to first-time internet users in India's hinterlands. The founders believe there is an opportunity to build a different kind of online commerce for the mass market population in Tier 2 and Tier 3 towns with a monthly household income of less than Rs 50,000.