New Delhi, Dec 8 (PTI) E-commerce company DealShare on Tuesday said it has raised USD 21 million (about Rs 154.7 crore) in funding led by WestBridge Capital.

The series C round also saw participation from Alpha Wave Incubation - a venture fund managed by Falcon Edge Capital, Z3Partners and existing investors Matrix Partners India and Omidyar Network India, along with some independent angel investors, a statement said.

Also Read | Moto G9 Power With Snapdragon 662 SoC Launched in India at Rs 11,999; Check Features, Variants & Specifications.

DealShare will use the capital proceeds for the next phase of its growth which will include expanding to newer geographies, penetrating deeper into current markets, scaling operations, expanding local sourcing networks and strengthening its technology platform across business verticals, it added.

With the current round, the total funding raised by DealShare stands at USD 34 million.

Also Read | Oppo F17 Pro Price Slashed in India by Rs 1,500; Check New Price Here.

Founded in 2018 by Vineet Rao, Sourjyendu Medda, Sankar Bora and Rajat Shikhar, DealShare is clocking annualised revenues of over USD 45 million.

"This latest round of investment is a testament of our investors' confidence in DealShare's vision of bringing the e-commerce experience to the masses of India, especially to the low and mid-income population. We plan to use the funds to strengthen our technology platform and talent pool and scale our unique 'Made-for-India' solution," DealShare CEO Vineet Rao said.

He added that over the last two years, the company has witnessed rapid adoption of its app amongst tier II and III cities.

Sourjyendu Medda, Chief Business Officer at DealShare, said the company will augment its brand presence across existing and new markets using the latest funds.

"Over the next one year, we are targeting to increase our footprint to 100 cities and towns across 5 states. Along with this, we will increase our customer base to one crore. This investment will take us to an annual GMV of Rs 2,500 crore," he added.

Sankar Bora, Chief Operating Officer, said the funding will also help strengthen the company's asset-light model of supply chain and logistics, and DealShare plans to strengthen and leverage the local economy and entrepreneurs - especially in tier II cities and beyond.

DealShare is currently present in over 25 cities across Rajasthan, Gujarat, Maharashtra and Karnataka and it plans to expand to more than 100 cities in 2021. The company has added more than 20 lakh consumers and caters to about 25,000 orders daily.

DealShare has partnered with 1,000 brands, of which 70 per cent are local and regional brands. It plans to add more than 5,000 local brands to their portfolio in 2021.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)