Joining in the bandwagon of a slew of high-profile investors investing in India’s rapidly expanding ecommerce market, Abu Dhabi Investment Authority (ADIA) today announced a $45Mn investment in Dealshare. The social commerce platform will use this capital primarily to expand beyond Indian shores.
This latest capital infusion for Dealshare, comes just six months after it raised $144Mn from a slew of marquee investors. That round, which was announced in July last year, was led by Tiger Global and WestBridge Capital, Alpha Wave Incubation (a venture fund backed by ADQ, and managed by Falcon Edge Capital) & Z3Partners with participation from Partners of DST Global, Matrix Partners India, and Alteria Capital.
Including the current $44Mn round, Dealshare’s total fundraise now stands at $228 million. Dealshare says that this fundraise is a part of a larger $210 million fundraise, $165Mn of which was announced in January earlier this year. The current funding values the company at $1.7Bn.
“DealShare is one of the fastest growing e-commerce companies in India,” Vineet Rao, CEO of Dealshare, said earlier in January. “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.”
Ay just three years old, the company is already valued at $1.7Bn and operates over 100 warehouses in 10 states. It plans to expand its warehousing from 2 million square feet today to 20 million square feet over the next 12 months. The company lets consumers buy daily essentials from its plaform, albeit in a community group buying model, thus calling it social commerce.