DealShare raises $11 mn led by Matrix Partners, Falcon Edge Capital

Vineet Rao, CEO and head of technology, DealShare. Photo: Livemint.

DealShare, a startup that uses social media to offer group-buying discounts on household items, said on Thursday it has raised as much as $11 million in a Series A round led by venture capital firm Matrix Partners and the US-based Falcon Edge Capital.

Partners of DST Global, impact investor Omidyar Network, and other angel investors participated in the round as well.

Founded in September 2018, the social commerce startup focuses on middle and lower-income population segments belonging to non-metro, Tier 2 and 3 cities, and claims to have over 30,000 customers in Gujarat and Rajasthan, the two states where it is present.

“We will expand to Maharashtra soon and also see a huge opportunity in eastern India, which we are evaluating,” said Vineet Rao, chief executive officer and head of technology, DealShare, over phone.

“We could not find a cheap and last-mile logistics solution, which led us to develop it in-house. In addition to our core business, the logistics business will also enhance our intellectual property (IP) and value addition,” Rao said.

Navroz D. Udwadia, co-founder and partner of Falcon Edge, said “DealShare brings together a focused assortment that is differentially procured. This, when coupled with the delight of discovery and a gamified shopping experience, drives robust repeat usage and cohort behaviour. These factors coupled with creative first principles driven fulfilment drive exciting unit economics.”

Meesho, a platform that connects manufacturers with re-sellers, who eventually sell these products to users through social media platforms, raised $120 million in a funding round in August this year led by South African media and internet giant Naspers. Other firms include Mumbai-based Shop101 and Bengaluru-based GlowRoad. Shop101 last raised $11 million from Kalaari Capital and Unilever Ventures in December. GlowRoad raised $10 million in April in a round led by China’s CDH, along with participation from existing investor Accel Partners.

This article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.