Social commerce startup DealShare Tuesday said it has raised $21 million in its Series C funding round led by WestBridge Capital, along with participation from Alpha Wave Incubation — a venture fund managed by Falcon Edge Capital — Z3Partners, and existing investors Matrix Partners India, and Omidyar Network India.
The round also saw the participation of independent angel investors. With the current round, the total funding raised by DealShare in the last two years stands at $34 million.
DealShare will use the funding proceeds for the next phase of its growth, which will include expanding to newer geographies, penetrating deeper into current markets, scaling operations, expanding local sourcing networks, and strengthening its technology platform across business verticals, it said in a statement.
“With this round of investment, we will augment our brand presence across existing and new markets. Over the next year, we are targeting to increase our footprint to 100 cities and towns across five states. Along with this, we will increase our customer base to 1 crore. This investment will take us to an annual GMV of Rs2,500 crores,” said Sourjyendu Medda, founder & chief business officer, DealShare.
Founded in 2018, DealShare targets the middle-income demographic, focusing on 500 million new-to-internet users. Currently, the company is present in 25+ cities and towns across Rajasthan, Gujarat, Maharashtra, and Karnataka. It claims to have acquired more than 20 lakh consumers and caters to about 25 thousand orders on a daily basis.
DealShare has so far partnered with 1,000 brands of which 70 per cent are local and regional brands. They are also planning to add 5,000+ local brands to their portfolio in 2021, per the statement.