The latest funding follows DealShare’s $21 million Series C round in December, which was led by WestBridge Capital. The round also saw participation from Alpha Wave Incubation, which is a venture fund managed by Falcon Edge Capital, Z3Partners, and existing investors Matrix Partners India, and Omidyar Network India.
Last month, the company raised Rs25 crore in debt funding from Innoven Capital.
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 25,000 orders on a daily basis.
In a statement in December, DealShare said it had partnered with 1,000 brands of which 70& are local and regional ones. It is also planning to add 5,000+ local brands to its portfolio this year.
E-commerce sales in India have thrived since the onset of the pandemic, except for months when the country was under lockdown. India’s e-commerce market is poised to grow by 84% to $111 billion by 2024 on the back of accelerated adoption of digital technologies amid the pandemic, per a report by fintech firm FIS.
Meanwhile, Tiger Global, which recently closed a $6.7 billion fund, is already on an investment spree in India. It helped produce four Indian unicorns last week alone, by extending funding to social network app ShareChat, business messaging platform Gupshup, investment app Groww, and fintech app CRED.
SaaS company Innovaccer and construction marketplace Infra.Market also raised capital from Tiger earlier this year at over $1 billion valuations.
According to India Venture Capital Report 2021, published last week by Bain & Co. and Indian Venture Capital Association (IVCA), Tiger Global pumped in $586 million across 21 deals in India in 2020.