Social e-commerce startup DealShare gets $11 million

BENGALURU: Social buying platform DealShare said it has raised $11 million (Rs 78 crore) in two investment rounds led by Matrix Partners and Falcon Edge, along with participation from the partners of DST Global and Omidyar Network.

The company, whose model mirrors that of China’s Pinduoduo, focuses on group buying of grocery and home merchandise targeted at middle and lower income consumers in smaller cities and towns.

DealShare CEO Vineet Rao said that because of the lack of tools for collective buying, Indian consumers living in tier 2 and smaller cities have long been missing out on the negotiating ability they possess owing to the huge population. “DealShare solves this unique problem through its app. The latest funding will also give us the impetus to strengthen our assetlight, low-cost and highly efficient logistics model,” he said.