Social commerce platform DealShare raises $9.3 million from Alteria Capital

• DealShare will use infuse the funding in brand marketing and expanding its presence into several other markets.
• Earlier this month, The startup had raised $100 million in funding from Tiger Global Management.
• To date, It has raised over $145 million in a mix of debt and equity funding rounds.

After closing the $100 million funding round, Social commerce platform DealShare today announced, it has raised Rs 70 crore ($9.3 million) in debt financing led by Mumbai-based venture debt firm Alteria Capital. With this round, The startup's total funding amount stands at $145 million.

DealShare plans to infuse the funding in brand marketing and expanding its presence into several other markets to fuel its growth, the statement said. Earlier this month, The startup had raised $100 million in a Series D funding round led by US-based Tiger Global Management.

In the last five months, The social commerce startup has raised over $134 million in funding from investors, including Tiger Global, InnoVen Capital, Westbridge Capital, Omidyar Network, Z3Partners, Matrix Partners India, and Falcon Edge Capital.

Founded in 2018 by Sankar Bora, Sourjyendu Medda, Rajat Shikhar, and Vineet Rao, Brisam Retail Pvt. Ltd., which owns and operates DealShare, a Bengaluru-based social commerce platform that focuses on middle and lower-income population from non-metro, Tier-2, and Tier-3 cities.

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 3,500 crore GMV run rate by the end of 2021.

Speaking on the debt investment, Ankit Agarwal, Partner at Alteria Capital, said, "We believe Dealshare is poised well to play a pivotal role in bringing e-commerce to the masses in India to serve their recurring shopping needs. The platform is empowering regional brands to participate in the online shopping revolution and connect directly to the end consumer."

"We are very happy to partner with Alteria Capital as they share a common vision and this capital will help us boost our progress in the right direction,” said, Sourjyendu Medda, CBO & CFO of DealShare.

The startup 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 localization of assortment.

Meesho, who has a similar business model like DealShare, has received unicorn status earlier this month after closing a $300 million funding round at a valuation of $2.1 billion.

So far, Alteria Capital has invested in 28 startups, including Dunzo, Lendingkart, Loadshare, BharatPe, Rebel Foods, Spinny, Rentomojo, Sunstone Eduversity, Clover, Stanza, Vogo, Mfine, Generico, among others. The VC firm recently announced the first close of Rs 1,325 crore for its second venture debt fund.

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