DealShare, a Jaipur-based social commerce start-up that sources products directly from manufacturers to sell them at discounted prices, has raised $11 million in Series-A round of funding.
The investment was led by giants such as Matrix Partners India and Falcon Edge Capital, along with participation from DST Global, Omidyar Network India, and other angel investors.
Here's all you need to know about it.
DealShare offers discounts on FMCG products
Founded in 2018 by Vineet Rao, Sourjyendu Medda, Sankar Bora, Rishav Dev, and Rajat Shikhar, DealShare provides daily-use FMCG products at tempting discounts.
Currently, the company serves tier-II and tier-III cities, targeting middle as well as lower-income customers, and is clocking a 50% month-on-month growth rate. It started with just 20 orders per day and is now clocking more than 10,000.
'In process of creating biggest e-commerce story of India'
"We are in the process of creating the biggest e-commerce story of India," said Vinit Rao, the CEO and Head of Technology of DealShare.
He further added, "We plan to strengthen and leverage the local economy and entrepreneurs through our flagship programs such as DealShare Dost and DealShare Dukaan, eventually empowering them financially and reducing our operating costs while increasing the overall efficiency."
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Operation on social commerce model
Notably, DealShare operates on a social model wherein it offers more discounts to the customers when they engage socially by sharing order links with their friends and family.
Before this, the company had raised a little over $3 million in a seed round led by Matrix Partners India, Falcon Edge Capital, Omidyar Network, and other angel investors.
How DealShare will utilize the funds?
DealShare will use the fresh funds to grow its user base and expand its operations to 10 states and over 100 cities in the next year.
The company will also focus on developing AI-based solutions for its services and grow an indigenous logistics network.
Plus, it also plans to start operations in Maharashtra by the end of this month itself.
Startup funding news