A unicorn is a privately held company that is valued at over $1 billion.
According to regulatory filings sourced from business intelligence platform Tofler, Tiger Global invested almost $40 million while Alpha Wave Ventures invested more than $31 million. Other investors include Kora Investment, DF International Partners and Twenty Nine Capital Partners. The statement said that the fund will be used for the growth and expansion of the business.
Post the funding, Tiger Global owns 11.71% stake in the company, while Alpha Wave Ventures owns close to 2%. The promoters’ holdings dropped 2% to 23% post the issue.
The Bengaluru-headquartered startup last raised $144 million in July last year. ET reported in September that Dealshare was in talks to raise another round at over $1 billion valuation.
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With this round, the company has raised a total of $313 million so far.
Founded in 2018 by Rajat Shikhar, Sankar Bora, Sourjyendu Medda, Vineet Rao, Dealshare sells daily essentials and targets the middle-income demographic through a community group buying model.
Rival Meesho has also ventured into selling groceries through the community group buying model, and so has social commerce startup Citymall. In September, Meesho had raised $570 million from US-based asset manager Fidelity and Eduardo Saverin’s B Capital.
In December, Rao said in a prepared statement that Dealshare was on track to clock $750 million revenue in 2021. The startup has operations in 10 states across 70 cities and has plans to scale to 20 states and over 300 cities over the next year. To support growth, the company also plans to invest in expanding its operational capacity and technology.
It had over 3,000 direct and indirect employees on its payroll as of December last year.
