DealShare, a newly-minted unicorn, has raised $45 million from the Abu Dhabi Investment Authority (ADIA) in a series E funding round, valuing the company at $1.7 billion. With this, the company has now raised $393 million in total funding.
The funds will be used to expand the social e-commerce company, hire new employees, and develop new products.
DealShare had previously raised $165 million from Dragoneer Investments Group, Kora Capital, Unilever Ventures, and existing investors, Tiger Global and Alpha Wave Global, in the first close of its Series E fundraise in 2022. (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.”