Dealshare raises $45 mn from ADIA in Series E round at $1.7 bn valuation

Aims for $3 billion of gross revenue run rate and operational profitability in next 12 months

Social e-commerce start-up DealShare has raised another $45 million as part of its series E funding round from a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) at a valuation of $1.7 billion. Earlier, the company had announced its first close of the Series E round with a funding of $165 million – which brings the company’s total funding to date at $393 million.

The company will use the funds from its Series E funding round for product innovation and technology to support its growth and expand the customer base. 

Vineet Rao, Founder & CEO of DealShare, said, “We are thrilled to welcome ADIA as a shareholder as part of our next phase of growth. In a span of just 3 years, we have scaled to over 10 million customers and over 100 cities across 10 states.” 

The company is focused on catering to the 500 million new-to-internet and value seeking users. It offers good quality but low-priced essentials coupled with a gamified, fun-filled, and virality-driven shopping experience, making it easy for first-time internet users to experience online shopping. 

Sourjyendu Medda, Founder and Chief Business Officer, said, “We are likely to hit $3 billion of gross revenue run rate in the next 12 months. We will be tripling our geographical presence, investing heavily on acquiring top notch tech talent, and building world class supply chain infrastructure. We are targeting operational profitability by the end of this year.”

Founded by Vineet Rao, Sourjyendu Medda, Sankar Bora, and Rajat Shikhar in 2018, DealShare provides a sharp and curated assortment at highly competitive prices and has built an innovative community leader driven ultra-low-cost delivery mechanism, collectively leading to best-in-class unit economics.

In January 2022, DealShare raised $165 million in the first close of its Series E fundraise. The company welcomed Dragoneer Investments Group, Kora Capital, Unilever Ventures, and continued commitments from its existing commitments investors, Tiger Global and Alpha Wave Global (Falcon Edge).