Latest DealShare News
Sep 16, 2021
DealShare to invest USD 100 mn for expansion Published: Sep 16,202109:32 AM Recipient's Name Send DealShare on Wednesday said it plans to invest $100 million (about Rs 736.3 crore) to scale its operations and hire about 5,000 people across various functions over the next six months, as the social commerce firm looks to rapidly scale its operations. Representative Image New Delhi: The company, which had recently raised USD 144 million from Tiger Global, WestBridge Capital, Alpha Wave Incubation and others, also announced its formal launch in Delhi-NCR. “We plan to invest $100 million over the next six months - majorly in rapidly scaling operational capabilities, social virality and gamification led demand generation, AI-driven product and technology capabilities, strengthening sourcing network and aggressive hiring across various functions to scale rapidly,” DealShare founder and CEO Vineet Rao said. Despite the COVID-19 induced harsh conditions, the company’s customer base has grown significantly, and it is currently at a GMV (gross merchandise value) run rate of $400 million, he added. “Currently, we are present in almost 900 pin codes across 5 states and over 45 cities. By the end of the year, we will hit a GMV ARR (annual run rate) of over $1 bn, covering more than 100 cities across 10 states,” Rao said.