Fast-growing social e-commerce start-up, DealShare announced it has raised another US$45 million as part of its series E funding round from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), which takes the Companys total funding to USD 393 million and valuation to US$1.7 billion. The company will use the funds from its Series E funding round to power product innovation and technology to support its rapid growth and expanding customer base.
Avendus Capital acted as the exclusive financial advisor to DealShare on this transaction.
In January 2022, DealShare raised USD165 million in the first close of its Series E fundraise. The company welcomed Dragoneer Investments Group, Kora Capital, Unilever Ventures, and continued commitments from its existing investors, Tiger Global and Alpha Wave Global (Falcon Edge).
Commenting on the fresh round of fundraising, Vineet Rao, Founder and CEO, DealShare said, We are thrilled to welcome ADIA as a shareholder as part of our next phase of growth. The support that we have been receiving from the investor community is very encouraging. It is a testimony of the confidence in DealShares vision, business model, and an acknowledgment of the growth we have been exhibiting. In a span of just three years, we have scaled to over 10 million customers and over 100 cities across 10 states.
Talking about the business model transcending geographies, he added, There is an immense opportunity for our business outside India as well and we would be exploring international expansion in the coming years.
Sourjyendu Medda, Founder, Chief Business Officer and Chief Finance Officer, DealShare said, DealShare is arguably the fastest growing e-commerce company in India. We are in touching distance of hitting US$1 billion of gross revenue run rate with just three years in operation. We are likely to hit US$3 billion of gross revenue run rate in the next 12 months. We will be tripling our geographical presence, investing heavily on acquiring top notch tech talent and building world class supply chain infrastructure to aid this growth, along with continued focus on capital efficiency and path to profitability. We are targeting operational profitability by the end of this year.
Neeraj Shrimali, Executive Director, Digital and Technology Investment Banking, Avendus Capital said, Extension of the Series E round by a long-term capital partner like ADIA reinforces DealShares strategic vision to be a substantial player in the Indian grocery space.