Bengaluru, July 8 (IANS) Homegrown social ecommerce startup DealShare on Thursday said it has raised $144 million in their latest funding round led by Tiger Global.
The company said it will utilise new funds in improving and scaling up its operations rapidly.
The latest round marks the third funding for the company in a span of seven months, with the valuation increasing nine-fold on the back of high-growth momentum.
With the current round, the total funding raised by DealShare stands at $183 million.
“We would utilise the funds primarily to invest in AI-driven innovations in our user experience leading to a highly personalised, fun-filled and gamified experience,” said Vineet Rao, CEO and Founder, DealShare.
“Our monthly active users already use our app over 40 times a month making it the most engaging ecommerce app and we will continue to add more innovative capabilities and services to serve a wider range of user needs,” he added.
The company expects its footprint to increase from current 20 warehouses across five states to over 200 warehouses across 10 states by the end of year.
The latest round was co-led by 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.
DealShare has built a new retail model for India with a focus on the affordability and price component for the mass consumers.
Founded by Rao, Sourjyendu Medda, Sankar Bora and Rajat Shikhar, DealShare provides a curated assortment at competitive prices and has built an innovative community leader driven ultra-low-cost delivery mechanism.
“DealShare’s unique approach combines discovery-led social sharing, group buying, and a gamified shopping experience with a simple consumer interface. They are well positioned to power the next wave of Indian ecommerce growth”, said Griffin Schroeder, Partner at Tiger Global.