BENGALURU: Social e-commerce start-up DealShare, which turned into a unicorn recently, 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).
With this new round, the company has so far raised $393 million and is now valued at $1.7 billion. DealShare said that it will be using the fresh funds to strengthen technology and product innovations. The start-up is focused on catering to the 500 million new-to-internet and value-seeking users.
Vineet Rao, Founder and CEO of DealShare, said, “The support that we have been receiving from the investor community is very encouraging. In a span of just 3 years, we have scaled to over 10 million customers and over 100 cities across 10 states.”
The start-up will also be utilising the funds to strengthen its customer base and technology capabilities.
Rao said that there is an immense opportunity for the start-up’s business outside India as well, and DealShare will be exploring international expansion in the coming years.
Speaking about the growth plans, Sourjyendu Medda, Founder and Chief Business Officer, said, “We are in touching distance of hitting $1 billion of gross revenue run rate. 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.” DealShare is also targeting operational profitability by the end of this year.