DealShare, a Jaipur based social commerce startup controlled by Merabo Labs Pvt Ltd, has entered the prestigious unicorn club after getting nearly $130 million from Tiger Global Management, Alpha Wave Global, and others.
The firm has been rapidly expanding its customer base and revenue, and it intends to reach $1 billion in sales in the coming months. The money received in this phase will be used to improve software and data analytics, as well as the growth of the company’s logistical network and geographical coverage.
In addition, a large physical retail franchise network will be established. SoftBank-rooted GlowRoad, BulBul, Meesho, Simsim, and Mall91, as well as Flipkart’s online shopping platform Shopsy, are anticipated to benefit from the financing.
DealShare, established in 2018 by Rajat Shikhar, Sankar Bora, Sourjyendu Medda, and Vineet Rao, emphasizes buyers and provides high-quality essentials at very low prices. It is believed approximately 70-80 percent of total spending in this market sector goes toward necessities, and inventory holding facilities are significantly smaller than in metro areas. It intends to increase the whole accessible market outside the top 5% of Indian citizens, similar to how the budget retailer DMart accomplished with offline stores.
According to a recent analysis from Accenture, the USD 492 billion worldwide social commerce market will expand 2 – 3 times faster than conventional e-commerce to 1.2 trillion USD in coming years. Another analysis estimates that by 2022, India’s social commerce consumer base might expand to 228 million.