DealShare has kicked off a new round in which most of its existing investors have participated. It has approved the allotment of 45,283 Series C1 preference shares at Rs 45,168.2 per share to raise Rs 204.54 crore or $28 million, regulatory filings reveal.
Falcon Edge’s Alpha Wave Incubation has invested Rs 112.31 crore followed by WestBridge Capital and Matrix Partners who put in Rs 74.6 crore and Rs 6.74 crore respectively. The rest of the amount came from founding partners of Falcon Edge — Navroz D Udwadia and Ryan Khoury.
The fresh round is expected to see substantial infusions from Tiger Global and it could go up to $100 million.
DealShare has reached a post-money valuation of Rs 1,560 crore or $212 million. The company is expected to be valued at around $400 million after the conclusion of the round.
Founded by Sankar Bora, Vineet Rao, Sourjyendu Medda, Rishav Dev, and Rajat Shikhar, DealShare procures products of daily use directly from local manufacturers and suppliers and serves households that fall under the Rs 30,000-50,000 income bracket in non-metros.
With operations in more than two dozen cities and towns across Rajasthan, Gujarat, Maharashtra, and Karnataka, DealShare offers 2,000 products across staples, packaged foods, and general merchandise. The company also incentivizes its consumers by offering them discounts and cashback.
DealShare, which directly competes with Gurugram-based CityMall, will emerge as the second most funded and valued startup in the social commerce space following Meesho.
DealShare has raised about $45 million so far including a few debt rounds from Alteria and Innoven Capital.
Last month, Meesho became the first startup in the social commerce segment to enter the unicorn club with SoftBank’s investment. The company’s valuation almost trippled in its Series E round which also had participation from its current backers Porsus Ventures, Facebook, Shunwei Capital, Venture Highwa,y and Knollwood Investment.
Accel Partners and Elevation Capital have invested in an $11 million Series A round in CityMall.
While these three companies have raised fresh capital, several early players including Shop101 are struggling to onboard new investors. It is in late-stage talks with various companies including Reliance and Amazon for a possible acquisition.
DealShare appears to have an amazing growth trajectory has immense growth prospects. My best wishes to the team of DealShare.Shishir Gupta, Founder and CEO, StartupLanes
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