Bangalore-based startup, DealShare has secured $21 million in Series C funding round.
The round was led by WestBridge Capital, Falcon Edge Capital-managed Alpha Wave Incubation – a venture fund, Z3Partners, along with participation from existing investors Matrix Partners India and Omidyar Network India.
“With this round of investment, we will augment our brand presence across existing and new markets. Over the next one 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 Rs 2500 crore,” Sourjyendu Medda, founder and chief business officer of DealShare, said.
With the fresh round of funding, the total amount raised by DealShare in the last couple of years stood at $34 million. It is a social e-commerce startup, an online buying platform for multi-category consumer products, focused on the new ‘WhatsApp first’ India.
The startup plans to utilize the funds raised to expand to new geographies in the next phase, to scale its operations, to expand sourcing networks locally and to strengthen its technology.
Sandeep Singhal, co-founder and managing director at WestBridge Capital, commented – “Majority of Indian population is currently residing in the non-metros and there is a huge business opportunity in these regions. The buying pattern of low- and middle-income group is different especially in smaller markets and DealShare seems to have understood the nuances very well.”
–AK
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.