DealShare wants to take private-label brands across 3,000 towns, having more than 10,000 population in the next few years
Ecommerce firm DealShare announced its plans to invest Rs 500 crore in the private brand business in the next 2-3 years. Currently, the brand has launched 52 categories under home cleaning, personal hygiene, and pantry staples. The firm seeks to expand the business in categories like beauty and skincare in the coming years.
Having been present in over 150 cities, DealShare wants to take private-label brands across 3,000 towns, having more than 10,000 population in the next few years. The company aims to connect with a large consumer base with its new innovations in the future.
"While this segment is extremely crowded with big players, however, the mass market customer is still left with limited choices and is predominantly under-serviced. We have been successfully bringing national presence to local brands and believe that our own private brands will only add value and offer wider choices to our value based customers," Vineet Rao, chief executive officer (CEO), DealShare, said.
In order to support this initiative, DealShare is depending on two key strategies. First, the company will collaborate with SMEs to manufacture its products. Secondly, it has started hiring professionals and stalwarts from the FMCG industry who will be led by Hemant Sood in this initiative.
The ecommerce major reported Rs 236.8 crore in revenue from operations in FY2021 compared to Rs 56.4 crore in the previous fiscal. It also achieved a Rs 73.4 lakh revenue from sales in FY21 compared to Rs 0 in the previous fiscal.
Upstart pointed fingers toward the adverse economic conditions in the US behind this harsh decision
The fintech's net expenses grew to Rs 543.8 crore in FY22, compared to 89.3 crore in FY21
Founded in 2016 by Vaibhav Gupta, Sujeet Kumar, and Amod Malviya, Udaan achieved its unicorn status in 2018