Innoven Capital Infuses INR 25 Crore in Hyper Local Ecommerce Startup DealShare
Jaipur and Bengaluru-based hyper local ecommerce startup DealShare has raised Rs 25 crore in debt funding from Innoven Capitals.
This is in the second round of fund raised by DealShare in the last six months. The startup had raised Rs 153 crore from WestBridge Capital, Alpha Wave Incubation - a venture fund managed by Falcon Edge Capital, Z3Partners, Matrix Partners India and Omidyar Network India in December 2020. A statement said that the startup has so far raised a total funding of Rs 267 crore.
Founded in 2018 by Sankar Bora, Sourjyendu Medda and Vineet Rao, DealShare is a social commerce startup. It largely focuses on middle and lower income population in mid-tier cities. DealShare is currently available across five states and 25 cities in India and has more than two million users.
“DealShare had always been motivated towards bringing the ecommerce experience to the masses, especially the low and mid-income population. Since our inception, our vision has been to address the shopping needs of the 500 million new-to-internet users by providing them with best quality products at affordable prices,” said, Vineet Rao, CEO &and Founder, DealShare.
According to a statement DealShare has registered a 50 percent month on month growth and has clocked a GMV run rate of Rs 750 crore as of February, 2021.
“Using technology, they provide a fun-filled and gamified shopping experience, and this fundraising will give much needed boost to progress in that direction. The funds and Innoven Capital’s expertise will be utilized to exponentially scale geographic footprint. Their plan is to scale their presence to 100 cities by the end of 2021,” added Vineet.
The startup is now looking to reach Rs 3500 crore GMV run rate, as well as become operationally profitable by December 2021. The company is aiming to increase its market presence to 3000 pin codes across five states; while offering an assortment of 10000 SKUs with localization of assortment.
Be it the assortment of products or the acquisition channels they are using or the engagement initiatives they have taken, reflects their thorough knowledge about their customers. They have used a unique consumer approach combining discovery led social sharing, group buying, gamified shopping experience and personalized region focused consumer outreach to acquire, engage and retain the consumers.
This is in the second round of fund raised by DealShare in the last six months. The startup had raised Rs 153 crore from WestBridge Capital, Alpha Wave Incubation - a venture fund managed by Falcon Edge Capital, Z3Partners, Matrix Partners India and Omidyar Network India in December 2020. A statement said that the startup has so far raised a total funding of Rs 267 crore.
Founded in 2018 by Sankar Bora, Sourjyendu Medda and Vineet Rao, DealShare is a social commerce startup. It largely focuses on middle and lower income population in mid-tier cities. DealShare is currently available across five states and 25 cities in India and has more than two million users.
“DealShare had always been motivated towards bringing the ecommerce experience to the masses, especially the low and mid-income population. Since our inception, our vision has been to address the shopping needs of the 500 million new-to-internet users by providing them with best quality products at affordable prices,” said, Vineet Rao, CEO &and Founder, DealShare.
According to a statement DealShare has registered a 50 percent month on month growth and has clocked a GMV run rate of Rs 750 crore as of February, 2021.
“Using technology, they provide a fun-filled and gamified shopping experience, and this fundraising will give much needed boost to progress in that direction. The funds and Innoven Capital’s expertise will be utilized to exponentially scale geographic footprint. Their plan is to scale their presence to 100 cities by the end of 2021,” added Vineet.
The startup is now looking to reach Rs 3500 crore GMV run rate, as well as become operationally profitable by December 2021. The company is aiming to increase its market presence to 3000 pin codes across five states; while offering an assortment of 10000 SKUs with localization of assortment.
Be it the assortment of products or the acquisition channels they are using or the engagement initiatives they have taken, reflects their thorough knowledge about their customers. They have used a unique consumer approach combining discovery led social sharing, group buying, gamified shopping experience and personalized region focused consumer outreach to acquire, engage and retain the consumers.
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