E-commerce platform DealShare has appointed Kamaldeep Singh as the new chief executive officer of the company. The CEO post was vacant for the past six months as Vineet Rao stepped down from the role in July last year.
Singh joined DealShare as president of the company’s retail business in December 2022. Prior to this, he served at Big Bazaar as CEO. He also worked as a senior manager at Reliance Retail for nearly two years.
“In 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. With a strong push on offline retail, the company is in the process of transitioning from an online-only model to a hybrid model that combines both online and offline operations,” a company spokesperson said in a statement.
Besides Rao, DealShare’s two co-founders Shankar Bora and Sourjyendu Medda have also quit the company in the recent past. According to DealShare, Medda will continue to be one of the key shareholders of the company and the move won’t have any impact on its operations, headcount, and strategy.
Soon after the departure of Rao from the day-to-day role, DealShare shut down its B2B arm and laid off several employees as part of the social commerce startup’s efforts to shift focus on B2C offerings. As per media reports, the firm fired more than 100 employees.
DealShare has joined the likes of ShareChat, Dunzo, GoMechanic and Polygon which saw the exit of two or more co-founders since January last year.
DealShare, which turned unicorn in January 2022, has raised $393 million to date and was valued at $1.7 billion during the last tranche in February 2022, according to startup data intelligence platform TheKredible.
While DealShare has yet to disclose its FY23 numbers, Rao had said that the company is on track to conclude the fiscal year with around 20% growth in its topline to Rs 2,300 crore (excluding return and discounts).
