Social commerce platform DealShare has raised $21 million in its Series C round led by WestBridge Capital. Falcon Edge’s Alpha Wave Incubation, Z3Partners, and existing investors Matrix Partners India and Omidyar Network India also participated in the round.
In October 2019, Matrix and Falcon Edge had led $11 million round in DealShare.
“The latest funding will give us the impetus to strengthen our asset-light model of supply chain and logistics. We plan to strengthen and leverage the local economy and entrepreneurs, especially in tier II, III and IV cities of India,” said Sankar Bora, founder and chief operating officer at DealShare in a press release.
The fresh capital infusion will also help the Bengaluru-based startup to expand its presence in new markets and beef up operations in the existing cities.
Launched by Bora, Vineet Rao, Sourjyendu Medda, Rishav Dev and Rajat Shikhar in 2018, DealShare specifically targets non-metro and middle-income customers with mass-market products. The startup sources products of daily use directly from local manufacturers and suppliers.
DealShare offers 2,000 products across staples, packaged foods and general merchandise which are highly relevant to households which fall under the Rs 30,000-50,000 income bracket.
With a presence in 25 cities and towns across Rajasthan, Gujarat, Maharashtra, and Karnataka, DealShare further targets to ramp up its footprint to 100 cities and towns across five states in the next 12 months.
According to DealShare, it processes about 25 thousand orders on a daily basis and has partnered with 1,000 brands of which 70% are local and regional brands. It is also planning to add more than 5,000 local brands to their portfolio in next year.
The firm claims to clock gross annualised revenue of Rs 350-400 crore and it is growing at 25% month on month.
In the past couple of years, homegrown social and video commerce players have been able to establish themselves, especially in tier II and tier III cities. Meesho, Shop101, Simsim, Mall91 and EkAnek, BulBul among others have attracted large sums from venture capitals since August 2019.
