Beleaguered e-commerce firm DealShare has announced the elevation of Kamaldeep Singh as its Chief Executive Officer (CEO) as the company enters its next phase of growth. Following this development, Sourjeyndu Medda, another co-founder, has also departed from the company. Prior to this, co-founders Vineet Rao and Sankar Bora reportedly left the company in November 2023. The e-commerce platform underwent multiple rounds of job cuts and business restructuring last year. Rajat Sikhar remains the only founder at the firm but does not hold any stake in the company, according to sources.
“As the company embarks on this next phase of growth, the board and investors have appointed Kamaldeep Singh as the new CEO of the company,” stated the company. “The move follows a six-month exhaustive and rigorous selection process conducted by a leading global executive search and leadership consulting firm.”
The firm considered both internal and external candidates suitable for the role. With over two decades of experience in retail and FMCG, Kamaldeep joined DealShare as President of the company’s retail business in December 2022. Prior to this role, he held various leadership positions, including Group Head and President, before being appointed CEO of Big Bazaar.
“Over the past year, the board and the leadership at DealShare have been working closely to find the right business model to ensure a faster route to profitability,” the company noted.
With a strong emphasis on offline retail, the company is transitioning from an online-only model to a hybrid model that combines both online and offline operations. The firm is fully committed to creating a robust ecosystem for its customers, employees, and vendors, thereby creating value for all.
DealShare emphasized that it remains sufficiently well-capitalized and enjoys strong support from its board and investors.
DealShare has raised a total of $393 million in funding and was last valued at $1.7 billion. The company was founded by Vineet Rao, Sourjyendu Medda, Sankar Bora, and Rajat Shikhar. Since its inception in 2018, DealShare has built a highly differentiated model in India’s e-commerce sector, targeting India’s fast-growing mid-income demographic of 500 million new-to-internet users.
However, the company underwent significant operational changes following an investor review related to its business-to-business trading and consumer-facing sections. In September of last year, DealShare closed its B2B business and laid off 130 employees. In January of the same year, it also laid off over 100 employees.
First Published: Jan 11 2024 | 8:53 PM IST