Social e-commerce platform DealShare said on Tuesday it will invest Rs 1,000 crore in small and medium Indian brands, including its own private labels, over the next five years.
The Bengaluru-based company said it will invest in six states: Rajasthan, Haryana, Uttar Pradesh, Himachal Pradesh, Gujarat and Maharashtra.
"DealShare has always been at the forefront of supporting the growth of MSMEs in India. Our latest endeavor of expanding Indian private labels and local and regional manufacturing from MSMEs underscores our commitment to fostering entrepreneurship and uplifting local businesses," said Sourjyendu Medda, the company’s founder and co-CEO.
"By synergizing our strengths with the innovative and diverse products offered by Indian private labels and local brands, we are confident that together we can create an ecosystem that empowers both entrepreneurs and consumers," he said.
DealShare’s e-commerce portfolio sources goods and products from more than 500 domestic brands, accounting for nearly 70 per cent of its offerings.
The company said the investment will help small and medium brands find national and regional appeal, ensure manufacturing quality, and create livelihood opportunities. Businesses will "benefit from its established infrastructure, technological expertise, and extensive customer base."
The firm’s investment will also benefit its own private labels, which source 100 per cent of their products from MSMEs. DealShare plans to increase the private label's contribution to its overall business from the current 10 per cent to 30 per cent in the next 2-3 years, with the aim to provide consumers with a broader selection across various categories, including grocery, personal care, and homecare.
The company aims to increase its current portfolio of eight brands in 16 different categories to encompass a wider range of product offerings.