Social commerce startup DealShare raises $3.4 million debt funding from InnoVen Capital

• The startup is planning to expand its presence to 100 cities in the country by the end of this year.
• Previously, DealShare had raised $21 million in a Series C funding round from WestBridge Capital, Alpha Wave Incubation, among others.
• It intends to use the funding to scale its geographic footprint.

Bengaluru-based social commerce startup DealShare has raised Rs 25 crore (about $3.4 million) in a debt funding round led by Mumbai-based venture lending firm InnoVen Capital.

The latest funding would help the startup to scale up its geographic footprint. Meanwhile, It is also planning to expand its presence to 100 cities by the end of this year, the statement said.

Earlier in December 2020, DealShare had raised $21 million (about Rs 153 crore) in its Series C funding round from WestBridge Capital, Alpha Wave Incubation, among others. At that time, It was valued around $64 million. To date, DealShare has raised over $36 million (about Rs 267 crore) in funding from investors.

Founded in 2018 by Sankar Bora, Sourjyendu Medda, Rajat Shikhar, and Vineet Rao, Brisam Retail Private Limited operates as DealShare is an Indian social ecommerce platform focused on the new 'WhatsApp first' India. It claims to have more than 2.5 million registered customers on its platform across the country.

As of February 2021, The startup had clocked a Gross Merchandise Value (GMV) run rate of Rs 750 crore and expects to reach a Rs 3500 crore GMV run rate by the end of 2021.

Commenting on the development, Vineet Rao, Co-Founder of DealShare, said, "DealShare has always been motivated towards bringing the ecommerce experience to the masses, especially the low and mid-income population. Using technology, we want to provide them with a fun-filled and gamified shopping experience, and this fundraising will give us the much-needed boost to progress in that direction."

DealShare currently has its presence in more than 100 cities across Rajasthan, Gujarat, Maharashtra, Ghaziabad, and Karnataka. It aims to increase its presence to 3000 pin codes across five states; while offering an assortment of 10000 SKUs with a lot of localisation of assortment.

The startup counts Omidyar Network, Falcon Edge Capital, WestBridge Capital, Matrix Partners India, Z3 Partners, DST Global, and InnoVen Capital as its investors.

Speaking on the investment, Ashish Sharma from InnoVen Capital, said, “What is exciting about DealShare is their deep understanding of the consumers. Be it the assortment of products or the acquisition channels they are using or the engagement initiatives they have taken, all resonate their thorough knowledge about their customers."

Besides DealShare, InnoVen Capital has invested in other ecommerce startups such as Fave, FirstCry, HouseJoy, Azani, Myntra, Voonik, Shopclues, Pomelo, Pepperfry, among others.

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