While revenue fell sharply, it managed to reduce loss to a third at Rs 167 crore compared with Rs 503 crore the year before, according to the company’s financials accessed from business intelligence platform Tofler.
In September 2023, Dealshare closed its business-to-business (B2B) segment following a business review led by investors and has fired 230 employees to date.
Founders Vineet Rao and Sankar Bora left the company following the changes, while the other cofounder, Sourjyendu Medda, exited from his operational role earlier this year.
Kamaldeep Singh, former chief executive of Big Bazaar, is now leading the company as its CEO. Ashish Shah, former senior vice-president at quick-commerce platform Zepto, joined Dealshare in March.
Dealshare’s revenue from the sale of traded goods decreased by 74.7% to Rs 495.8 crore in FY24, while its marketing services income contracted 44.3% to Rs 3.3 crore.
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Expenses dropped 70% from Rs 2,557 crore to Rs 768 crore. Employee benefits expenses also saw a reduction, falling to Rs 99.2 crore from Rs 219.2 crore the previous fiscal year.In July 2023, Dealshare moved its headquarters from Bengaluru to Gurugram.
The company has raised a total of $387 million in equity funding, with its latest round securing $210 million at a post-money valuation of $1.7 billion, according to data from Tracxn. WestBridge Capital holds a 17.9% stake, followed by Falcon Edge Capital (15.9%) and Tiger Global Management (11.8%).
Groyyo — another startup backed by Tiger Global and Alpha Wave — is also shutting down its B2B vertical, following a mandate from investors to engage auditing firm Deloitte for the review, as reported by ET on October 30.