Dealshare: Dealshare FY24 revenue falls 75% post restructuring, loss narrows to a third

Tiger World-backed hyperlocal ecommerce unicorn Dealshare, which underwent vital restructuring and management modifications final yr, reported a 74.5% drop in working income to Rs 499 crore for the fiscal yr ended March 2024.

Whereas income fell sharply, it managed to cut back loss to a 3rd at Rs 167 crore in contrast with Rs 503 crore the yr earlier than, based on the corporate’s financials accessed from enterprise intelligence platform Tofler.

In September 2023, Dealshare closed its business-to-business (B2B) phase following a enterprise overview led by buyers and has fired 230 workers so far.

Founders Vineet Rao and Sankar Bora left the corporate following the modifications, whereas the opposite cofounder, Sourjyendu Medda, exited from his operational position earlier this yr.

Kamaldeep Singh, former chief government of Huge Bazaar, is now main the corporate as its CEO. Ashish Shah, former senior vice-president at quick-commerce platform Zepto, joined Dealshare in March.

Dealshare’s income from the sale of traded items decreased by 74.7% to Rs 495.8 crore in FY24, whereas its advertising and marketing providers earnings contracted 44.3% to Rs 3.3 crore.

Bills dropped 70% from Rs 2,557 crore to Rs 768 crore. Worker advantages bills additionally noticed a discount, falling to Rs 99.2 crore from Rs 219.2 crore the earlier fiscal yr.In July 2023, Dealshare moved its headquarters from Bengaluru to Gurugram.

The corporate has raised a complete of $387 million in fairness funding, with its newest spherical securing $210 million at a post-money valuation of $1.7 billion, based on knowledge from Tracxn. WestBridge Capital holds a 17.9% stake, adopted by Falcon Edge Capital (15.9%) and Tiger World Administration (11.8%).

Groyyo — another startup backed by Tiger Global and Alpha Wave — can also be shutting down its B2B vertical, following a mandate from buyers to interact auditing agency Deloitte for the overview, as reported by ET on October 30.