DealShare raises Rs. 25-cr debt funding

New Delhi: E-commerce startup DealShare on Thursday said it has raised Rs 25 crore in debt funding from Innoven Capital.

This is the second round of fund raising by DealShare in the last six months. In December 2020, DealShare had raised series C funding of around Rs 153 crore from WestBridge Capital, Alpha Wave Incubation, Z3Partners, Matrix Partners India and Omidyar Network India.

With this latest round of funding, the total amount raised by DealShare stands at Rs 267 crore, a statement said. "DealShare has always been motivated towards bringing the e-commerce experience to the masses, especially the low and mid-income population. Since our inception, our vision has been to address the shopping needs of the 500 million new-to-internet users by providing them with best quality products at affordable prices," DealShare CEO and founder Vineet Rao said.

He added that using technology, the company wants to provide users with a gamified shopping experience and this fund raising will give the much needed boost to progress in that direction.

"We will be utilising the funds and Innoven Capital's expertise to exponentially scale our geographic footprint. We are planning to scale our presence to 100 cities by the end of 2021," he said. DealShare has been registering a 50 per cent month-on-month growth. As of February, 2021 the company had clocked a GMV run rate of Rs 750 crore. It currently operates across 5 states and 25 cities in India and has more than 2 million users.