DealShare plans to invest US$100 million (approx Rs 736.3 crore) in a bid to upscale operations. It would also hire about 5,000 people in different functions over the next six years.
The online retailer had recently raised US$144 million from major investors like Tiger Global, WestBridge Capital, Alpha Wave Incubation, among others. "We plan to invest US$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 told PTI. He added that DealShare has a gross merchandise value (GMV) run rate of US$400 million. GMV is a term used in online retailing to indicate the gross merchandise value of all the products sold in a marketplace over a certain period.
Online grocery retailers have found themselves gaining wider traction due to COVID-19 induced lockdowns. DealShare too has prospered under this bandwagon effect. "We postponed the formal announcement as the second wave of the pandemic was going on and there were a lot of factors to be taken into accounts, and moreover, it was a pilot phase as we wanted to see if the model needed some alterations but to our surprise, we got a commendable response from the customers of NCR and that is when we thought to go at it at full force," he explained.
Rao claims to have 10 million customers on the platform by the end of this year.