E-commerce platform DealShare has named Kamaldeep Singh as its new Chief Executive Officer.
Singh, who joined DealShare in December 2022 as the President of the retail business, takes over the CEO position that had been vacant for the past six months following Vineet Rao’s departure in July 2022. Singh, formerly the CEO of Big Bazaar and a senior manager at Reliance Retail, will be responsible for leading DealShare as it transitions from an online-only model to a hybrid model incorporating both online and offline operations. The move follows the recent exits of DealShare’s co-founders Vineet Rao, Shankar Bora, and Sourjyendu Medda. The company aims to focus on its B2C offerings after shutting down its B2B arm.
DealShare, a social commerce startup, achieved unicorn status in January 2022 and has raised a total of $393 million to date. As of February 2022, the company was valued at $1.7 billion. While DealShare has not disclosed its FY23 financials, it anticipates concluding the fiscal year with around 20% growth in its topline, reaching approximately INR 2,300 crore (excluding returns and discounts).
The appointment of Kamaldeep Singh as CEO signals DealShare’s commitment to navigating the evolving landscape of online and offline retail as it seeks to enhance its growth and profitability.