DealShare announces $45 mn funding from ADIA in an extension of its Series E round

FPJ Web DeskUpdated: Thursday, February 17, 2022, 05:27 PM IST
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DealShare 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. /Team DealShare | DealShare

Social e-commerce startup DealShare today announced that it 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) which takes the Company’s total funding to $393 million and valuation to $1.7 billion.

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.

Vineet Rao, Founder & CEO of DealShare, said, “We will be utilizing the funds from our Series E round to strengthen our customer base and technology capabilities. We aim to democratize online shopping for Bharat users with unmatched service and experience by developing innovative products and tech solutions. This will be supported by building our teams across the country and hiring new tech talent at all levels.” added Vineet Rao. Talking about the business model transcending geographies, Mr Rao added “There is an immense opportunity for our business outside India as well, and we would be exploring international expansion in the coming years.”

Hamad Shahwan Al Dhaheri, Executive Director of the Private Equities Department at ADIA, said: “This investment aligns with our approach of backing innovative businesses with differentiated business models to execute on their growth strategies.”

Sourjyendu Medda, Founder and Chief Business Officer, said, “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 curated assortment at competitive prices.

Avendus was the exclusive financial advisor to the transaction.

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