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Grocery Retail With Finesse
DealShare is acing hyperlocal social commerce through its presence in over 150 cities and 10 states across India
Photo Credit :
Sourjyendu Medda (Co-founder & CCO)
After becoming a rare success story in the grocery retail segment, DealShare raised $165 million (Rs 1,239 crore) early this year to become the fifth unicorn of 2022. The company saw its valuation soar by over 3X to $1.6 billion.
But the charm of DealShare isn’t just in valuations, as it aspires to go beyond the convention of being yet another startup trying to disrupt social commerce.
A Clear Vision
From the very outset, the DealShare co-founders seemed to have a clear vision as they chose to begin their journey from the pink city of India, Jaipur – not exactly the largest city – but perfect for incubating business as it has a large population to cater to.
DealShare’s business model suited very well for the city and the company led by Vineet Rao (Co-founder & CEO), Rajat Shikhar (Co-founder & CPO), Sankar Bora (Co-founder & COO), and Sourjyendu Medda (Co-founder & CCO), spent almost two years incubating and growing the business slowly out of the capital city of Rajasthan.
Today, DealShare is acing hyperlocal social commerce through its presence in over 150 cities and 10 states across India, where it delivers over 3 lakh orders every day. But this is just the beginning as the company looks to expand its presence to over 250 locations and 20 states.
The expansion strategy will be supported by DealShare’s plans to onboard about 1,500 people by the end of FY23.
What’s The Fuss About?
At a time when valuations are not being given much respect due to the economic headwinds and jittery funding environment, unicorn status still means something. Keeping with the times, the startup town has a lot of talk about turning profitable and streamlining to stay afloat. But being a unicorn is undeniably an important benchmark that puts startups in an elite club.
How does being a ‘unicorn’ help in the grand scheme of things? “What it does best is it creates a brand for the organisation. As a result of the organisation’s brand getting more popular, we are able to attract better talent,” says Sourjyendu Medda, Co-founder and CCO, DealShare. “On top of that, our whole ecosystem, in terms of supplier and vendor network, also gets enriched because they have come to know about the unicorn status. They have come to know about the company and the business philosophy. And when they learn about us, people want to attach themselves with us,” he adds.
DealShare has recorded close to $1 billion in gross revenue run rate, and it now aspires to get closer to $3-4 billion of gross revenue run rate within the next two years. International ambitions, too, are on the cards