Social ecommerce startup DealShare is set to turn into a unicorn with a new round of funding that will value the company at $1.7 billion, as per sources.

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DealShare is raising over $150 MN at a valuation of $1.7 BN and the round is expected to close soon, the sources said.

With this, Dealshare's valuation will more than treble and will catapult the company into the unicorn club. The company was last valued at under $500 million in July, when it had raised $144 million in its Series D round. It counts among its investors, Tiger Global, WestBridge Capital, Alpha Wave Incubation, & Z3Partners, partners of DST Global, Matrix Partners India & Alteria Capital. It is not clear who the new investors in the new round will be.

CNBC-TV 18 reached out to DealShare, but the company did not comment.

Another social ecommerce startup Meesho, which has turned unicorn earlier this year, has seen its valuation more than double to $4.9 billion in under five months after it raised $570 Million in its Series F round of funding led by B Capital Group & Fidelity Management & Research Company earlier this month.

DealShare offers a community buying model in the grocery and essentials category and has built a micro-entreprenuer-driven low-cost delivery mechanism.

As of July 2021, DealShare catered to over 3 million consumers and was recording about 1 lakh orders daily.

(Edited by : Anshul)

First Published:Oct 7, 2021 12:11 PM IST