- Tiger Global has invested $100 million in the startup in Series D funding round.
- Dealshare is currently operational in two dozen cities in India that was selling products on WhatsApp initially.
- The startup has a unique offer strategy through which they acquired a good market share in the fiercely competitive e-commerce space.
Jaipur-based DealShare, a social commerce startup has received funding of $100 million in a Series D funding round led by Tiger Global. DealShare is a platform that is built for middle and lower-income class people to persuade them to do the transaction on the platform. The startup had closed a Series C funding round of $21 million three months before.
Tiger Global Headquartered in New York has invested $100 million in a three-year-old social commerce startup through a Series D round.
Founded in 2018 by Sankar Bora and Sourjyendu Medd, Dealshare started its journey as an e-commerce platform on WhatsApp, on which initially it used to sell hundreds of products to consumers. It didn’t take long before a major consumer spending pattern was visible, Rao said. People were only interested in buying items that were selling at discounted rates, said Rao.
After some time the idea of selling products on WhatsApp become the core offerings of the startup. The company has created a very lucrative offers strategy to incentivizes consumers — by offering them discounts and cashback — to share deals on products with their friends. The startup which has a limited presence initially now it is spread across two dozen cities in India.
The investment comes as Tiger Global looks to close over two dozen deals in India this year, TechCrunch reported on Monday. Tiger Global, which recently closed a $6.7 billion fund, last week led investments in social network ShareChat, business messaging platform Gupshup, and investment app Groww, and participated in fintech app CRED’s round, helping all of these startups attain the much sought-after unicorn status.
Meesho, who has a similar business model like Deal share, has received unicorn status last week after raising funding of $300 million from SoftBank Vision Fund. That funding round valued the startup $2.1 billion.
DealShare counts WestBridge, Falcon Edge Capital’s Alpha Wave, Z3Partners, and Omidyar Network among its investors.