Board weighing Truemeds' ~$90M all-stock offer or a Captain Fresh bid, wind-down if neither closes (Entrackr, Aug 2026); no CEO since early 2026
The rise & fall
9 moments Β· 2018β2026
The key moments.
Sep 2018
π±
Sep 2018
Founded in Jaipur to sell groceries to non-metro India
Vineet Rao, Sourjyendu Medda, Sankar Bora and Rajat Shikhar launch a group-buying app selling staples and essentials near wholesale prices to middle-income households; Matrix Partners India and Omidyar Network back the early rounds.
Entrackr
Jul 2021
Jul 2021
Tiger Global leads a $144M Series D at $455M$455M
The third round in seven months lifts the valuation nine-fold; WestBridge, Alpha Wave Incubation, Z3Partners, Matrix and Alteria join. DealShare runs 20 warehouses in 40 cities, handles ~2M orders a month and targets a $1B GMV run rate.
Entrackr
Jan 2022
π¦
Jan 2022
Joins the unicorn club: $165M Series E at $1.62B$1.62B
Entrackr's Jan 27 exclusive: Tiger Global $39.1M, Alpha Wave $31.3M, Kora $27.4M, DF International $19.6M, Twenty Nine Capital $11.7M β 3.6x the Series D price in seven months; Dragoneer and Unilever Ventures also join.
Entrackr
Feb 2022
π
Feb 2022
The peak: $1.7B as ADIA tops the round up to $210M$1.7B
A $45M cheque from an Abu Dhabi Investment Authority subsidiary closes the Series E at $210M and a $1.7B valuation, taking total funding to $393M. DealShare claims ~400,000 orders a day across 100+ cities and a near-$1B gross revenue run rate.
Entrackr
Sep 2023
Sep 2023
B2B arm shut, ~130 more jobs cut, operations moved to Gurugram
After ~100 layoffs in January and Vineet Rao's exit as CEO in July, DealShare drops wholesale β the source of most of its GMV β for a B2C online-plus-offline model in Jaipur, Delhi-NCR, Lucknow and Kolkata. FY22: βΉ431 Cr loss on βΉ1,933 Cr revenue.
Entrackr
Jan 2024
Jan 2024
Third co-founder out; ex-Big Bazaar CEO Kamaldeep Singh takes over
Rao and COO Sankar Bora had left in November 2023; co-CEO Sourjyendu Medda now steps down as Kamaldeep Singh, hired as retail president in December 2022, ends a six-month CEO vacancy. Rajat Shikhar is the last founder still in post.
Inc42
Nov 2024
Nov 2024
FY24 gross revenue collapses 75% to βΉ499 Cr
Entrackr's Fintrackr: gross revenue fell from βΉ1,963 Cr to βΉ499 Cr in the year to March 2024 as the B2B business was wound up; losses narrowed 66% to βΉ167.7 Cr and the company held about βΉ400 Cr in cash and bank balances.
Entrackr
Aug 2026
π
Aug 2026
Truemeds' ~$90M all-stock offer β joins the Unitard Club π$90M
Entrackr (Aug 25): the board weighs offers from Truemeds and Captain Fresh and will wind down if neither closes; Z47 has written off its stake. Inc42, citing ET (Aug 31): Truemeds' share swap values DealShare at a little over $90M, ~95% below peak.
Entrackr
How it happened
DealShare is a social-commerce grocer for India's non-metro shoppers, founded in Jaipur in 2018 by Vineet Rao, Sourjyendu Medda, Sankar Bora and Rajat Shikhar to sell staples at near-wholesale prices through group buying.
Tiger Global led a $144M Series D at $455M in July 2021; a $165M Series E led by Tiger Global and Alpha Wave made it a unicorn at $1.62B in January 2022, and ADIA's $45M top-up a month later closed the round at $210M and $1.7B, $393M raised in all.
The story unravelled fast: about 100 jobs went in January 2023, Rao stepped down as CEO in July, the B2B wholesale arm was shut in September, and every co-founder had left by December 2025. Entrackr reported gross revenue fell 75% to βΉ499 Cr in FY24 and to βΉ432 Cr in FY25.
In August 2026 Entrackr reported the board was weighing offers from online pharmacy Truemeds and seafood e-retailer Captain Fresh and would wind down if neither closed, and that early backer Z47 had written off its stake; Inc42, citing the Economic Times, put Truemeds' share swap at a little over $90M, barely above DealShare's cash and about 95% below the peak. It remains private, investor-controlled and without a CEO since Kamaldeep Singh's exit.
Source: Entrackr/Inc42: $165M Series E led by Tiger Global and Alpha Wave at $1.62B (Jan 2022), topped up by ADIA's $45M at $1.7B (Feb 2022; $210M round, $393M raised); Entrackr (25 Aug 2026): board weighing Truemeds/Captain Fresh offers, wind-down if neither closes, Z47 wrote off its stake; Inc42 citing Economic Times (31 Aug 2026): Truemeds share swap values DealShare at a little over $90M, ~95% below peak; Entrackr Fintrackr: FY24 gross revenue down 75% to βΉ499 Cr, FY25 βΉ432 Cr
Founders & leadership
Vineet Rao
co-founder & CEO (led at peak; stepped down Jul 2023)
