January 28 Community grocery buying platform Dealshare has raised $165 million in Series E funding from Tiger Global and Alpha Wave Global among others, at a valuation of over $1.6 billion (unicorn valuation).

According to the company’s MCA filings, Dealshare has allotted 42983 series E Compulsorily Convertible Preference Shares (CCPS) in this round, at an issue price of ₹2,25,363 each for consideration in cash. Tiger Global has led the funding round with an investment of about $39 million.

Further, Alpha Wave invested around $31 million and $27.4 million was invested by Kora Investment. Other investors such as DF International Partners, Twenty Nine Capital Partners also participated in the round. The company is said to use fresh funding for growth and expansion of the business. 

In July 2021, Dealshare raised $144 million Series D funding from Tiger Global, WestBridge Capital, Alpha Wave Incubation, along with the participation of DST Global, Matrix partners and Alteria Capital. The social commerce was valued at $455 million at that time. 

Dealshare competes with the likes of Price Company, Flipkart Shopsy, Farmiso, GoBillion in the community grocery buying space. Even the food delivery major, Swiggy, seems to be working towards a community-buying vertical called Swiggy Bazaar, for which hiring posts were put out in October 2021.

The concept

Chinese company Pinduoduo pioneered the community-buying model wherein any customer can initiate a team purchase and invite friends and family through social networks to join. Post the formation of teams, products can be bought at a discounted price. A similar model is being implemented in India by Tiger Global-backed DealShare.

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