Social e-com platform DealShare raises $45 mn from ADIA

Bengaluru, Feb 17 (IANS) Social e-commerce platform DealShare on Thursday said it has raised another $45 million as part of its series E funding round from the Abu Dhabi Investment Authority (ADIA), taking total funding to $393 million and valuation to $1.7 billion.The company said it will use the funds to boost product innovation and technology to support its rapid growth and expanding customer base. "In a span of just 3 years, we have scaled to over 10 million customers and over 100 cities across 10 states," said Vineet Rao, Founder and CEO of DealShare.DealShare offers 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.The company will use funds to build teams across the country and hire new tech talent at all levels."India's e-commerce ecosystem is developing rapidly, and DealShare is addressing an underserved and growing segment within it," said Hamad Shahwan Al Dhaheri, Executive Director of the Private Equities Department at ADIA.DealShare previously announced $165 million of funding in Series E from Tiger Global, Alpha Wave Global, Dragoneer Investments Group, Kora Capital and Unilever Ventures.DealShare is set to reach $1 billion of gross revenue run rate within just three years in operation. "We are likely to hit $3 billion of gross revenue run rate in the next 12 months," said Sourjyendu Medda, Founder and Chief Business Officer.
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