Grocery and essentials focused social commerce startup DealShare has picked up $45 million from Abu Dhabi Investment Authority (ADIA) in an extended Series E round.
With this, the company has mopped up $210 million in the Series E round. It had raised $165 million led by Tiger Global and Alpha Wave Global.
As per DealShare, the company has raised $393 million to date and is currently valued at $1.7 billion. The company was valued at $1.6 billion during the first tranche of the Series E round. Entrackr had exclusively reported this round in January.
The company will use the funds from its Series E funding round to power product innovation and technology to support its rapid growth and expanding customer base, said DealShare in a press release.
Jaipur-based DealShare is an inventory-led platform that manages the supply chain and logistics in bigger cities. Currently, it has a presence in 10 states and over 100 cities and is targeting to expand to 20 states and 200 cities in 2022. The company claimed that it caters to about 4 lakh orders daily.
Apart from selling to consumers, DealShare also helps retailers to procure bulk inventory. According to the company, about 40% of its volume originates from B2B and rest comes from B2C. The average transaction size hovers from Rs 7,000 to 9,000 in B2B while Rs 700 is the basket size from the consumer vertical.
The company competes with the likes of CityMall, Farmiso by Meesho and a few others.
While DealShare is yet to file its annual financial report for FY21, the company claims that it is about to hit $1 billion of gross revenue run rate with just three years in operation and targets to hit $3 billion of gross revenue run rate in the next year.