The year 2022 is already looking like a runaway success for India’s maturing startups. While 2021 already churned out record unicorns, 2022 is in its 1st month, and we already have more unicorns than January 2021. Latest addition to that list is Dealshare, the social commerce grocery startup, which has received $165Mn, turning it into a unicorn. The investors are familiar unicorn makers — Tiger global and Alpha Wave Global.
Dragoneer Investments Group, Kora Capital and Unilever Ventures are the new investors in the company. The money comes in just months after Dealshare raised $144 Million. It is an extremely curious case these days, where companies are raising multi-million rounds at record pace and at astoundingly short intervals. The valuations are hence bumping up rather frequently.
The funds raised in this round will be utilized to invest in technology and data science, as well as a ten-fold expansion in its logistics infrastructure and to increase geographic reach. In addition, it will establish a sizable offline store franchise network.
“DealShare is one of the fastest growing e-commerce companies in India,” said Vineet Rao, CEO of Dealshare. “Our revenues and customer base have grown 13 times in the last year with improving profitability. With a strong customer base of over 10 million, we have expanded our geographical presence to over 100 cities across 10 states. Our company has created job opportunities for over 5,000 persons across the country.”
Just three years old, Dealshare lets middle-income consumers buy daily essentials via its platforms. The difference is that it lets people buy them through a community group model.
DealShare operates over 100 warehouses in the 10 states it operates in and plans to expand its warehousing from 2 million square feet today to 20 million square feet over the next 12 months.