Tiger Global has invested in Dealshare, a startup in India that has built an e-commerce platform for middle- and low-income groups of consumers, following the closing of its last $ 21 million C Series funding round by the Indian firm three months later.
The New York-based firm has led a $ 100 million Series D round at three-year-old social commerce startup Dealshare, two people familiar with the matter told ClearTips. Tiger Global declined to comment, and the founder of the Indian startup did not return an email sent on Sunday.
Indian news outlet Entrack reported on Monday evening that Dealshare had negotiated to raise $ 70 million to $ 100 million.
DeLusser began its journey on the day of its acquisition of Flipkart, the startup’s founder and chief executive Vineet Rao said at a virtual conference late last year. Rao said that even as Amazon and Flipkart were able to create a market for themselves in urban Indian cities, the majority of the nation was untouched. He said that someone had the opportunity to jump.
The startup started as an e-commerce platform on WhatsApp, where it offered hundreds of products to consumers. Rao said that it did not take long for a major consumer spending pattern to appear. Rao said that people were only interested in buying goods sold at discounted rates.
Over time, the idea has become part of DealShare’s core proposal. Today it gives incentives to consumers – by giving them discounts and cashbacks – to share deals on products with their friends. The startup, which has since launched its own app and website, now operates in more than two dozen cities in India.
Rao said that consumers wanted products that were relevant to them and they wanted to buy these goods at a price that would be the highest price for their rupees. “We focused on locally produced goods rather than national brands. Even today, 80% to 90% of the items we sell are produced locally, ”he said.
Amazon and Flipkart occupy less than 3% of the retail market in India, leaving room for firms to explore other models. Social commerce is one of the bets we are playing in India. The other condition is that nearby shops in the country are being digitized – without a social element – to tens of thousands of towns, cities and villages in India.
ClearTips reported on Monday that Tiger Global is investing in India to close more than two dozen deals. Tiger Global, which recently closed a $ 6.7 billion fund, led investments in the social network last week in ShareChat, business messaging platform Gupshup, and investment app Groww, and participated in the round of fintech app CRED, all of these startups. Helped to get the much sought-after unicorn. Event.
Misho, a leading social commerce company in India, also turned a unicorn last week, after which SoftBank scored a $ 300 million round in the Indian firm, valued at $ 2.1 billion.
Dealshare counts Westbridge, Falcon Edge Capital’s Alpha Wave, Z3 Partners and Omidyar Networks among its investors.