DealShare is an e-commerce company founded in India to help the lower and middle-income groups meet their daily needs. The company announced they’ve raised $21million in new funding rounds and it will be used in expanding their footprint across the nation. The funding was led by WestBridge Capital, with support from Alpha Wave Incubation — a venture fund oversaw by Falcon Edge Capital, Z3Partners, and existing speculators Matrix Partners India and Omidyar Network India. Many independent investors also participate in the funding making DealShare raised a total of $34 million in two years.
DealShare kicks off when Walmart bought Flipkart, which its founder and chief executive Vineet Rao announced at a recent conference held virtually. Rao said although Amazon and Flipkart are well known and functioning well in the urban cities of India, many places in the nation have not yet been reached therefore someone needs to step in and do something. In the beginning, many customers were only interested in purchasing cheap items and the ones on discount Rao added. But, today, the business is booming and customers now appreciate its existence. Also, the start-up e-commerce offers cashback deals on products that you can share with your friends and family and operate in over twenty-five cities in India.
DealShare start-up e-commerce focused mainly on products that are produced locally instead of international brands and 80% to 90% of the items they sell is manufactured in India. “We started building a network of these suppliers. It was very tough because none of these guys fancied joining modern retail like e-commerce. Some of them had tried to work with e-commerce firms before but the experience left a lot to be desired,” he said.
Here, modern millionaires take an in-depth look into how e-commerce is a game-changer and how DealShare is revolutionizing the industry. Before diving, go through Modern Millionaires’ Review to know how he has transformed many entrepreneurs by helping them to build a successful million-dollar business through his outstanding expertise.
Deal share is taking the whole eCommerce game to another level. This is because there are many Indian populations residing in the non-metros and this company has discovered a huge business opportunity in these regions. The company takes an in-depth look at what is missing and work towards filling the void. The buying pattern, the market was analysed and DealShare put in the efforts to understand the nuances and make things happen. Over the last 2 years, the results have been remarkable as the company still maintains a focus on a cost-effective, high-impact model.
DealShare has worked hard on boosting its finances and the result has been profitable. The company will also use its newly acquired fund to increase its growth by increasing its local network source, investing in the technology stack, expanding into new states, cities, and many more. “With this round of investment, we will augment our brand presence across existing and new markets. Over the next year, we are targeting to increase our footprint to 100 cities and towns across five states,” added Sourjyendu Medda, the Chief Business Officer of DealShare.
Another remarkable thing is the way the company scales its way up to success amidst the pandemic. The founder of DealShare stated that the coronavirus pandemic has accelerated the growth of the company. The good thing is DealShare has already gone the extra mile by partnering with local manufacturers. With this, there has been an increase in demand during the covid 19 crisis. The lockdown measures have made customers understood the importance of online platforms as many realise they can get better quality products at affordable prices delivered to their doorsteps. Even with things getting back to normal, eCommerce is here to stay.
Want to know more about how others are growing their business despite all odds and with the pandemic? Read more on Modern Millioniares Reviews.