DealShare Co-founder Sourjyendu Medda steps down; Kamaldeep Singh becomes CEO
Tiger Global-backed DealShare has been witnessing a tumultuous time over the last few months as it navigates the exit of several top-level executives and a change in the business model.
DealShare Co-founder Sourjyendu Medda exited the social commerce platform just months after co-founders Vineet Rao and Shankar Bora stepped down.
Kamaldeep Singh—previously the president of DealShare’s retail business—will take over the role of CEO, now vacant since July last year, the company said in a statement on Thursday.
Before joining DealShare in December 2022, Singh had spent more than a decade at offline retail giant Big Bazaar with a 1.5-year stint as the CEO. He has also worked at Reliance Retail and Wrigley India.
“The move comes after a six-month exhaustive and rigorous selection process by a leading global executive search and leadership consulting firm. The firm met both internal and external candidates who were suitable for the role,” DealShare said in a statement.
“With the new development, Sourjyendu Medda will step down from executive position in the company. However, he will continue to be one of the key shareholders of the company. The move won’t have any impact on the company’s operations, headcount, strategy, and its vision of being a leader in the grocery and consumables market by targeting India’s rapidly growing mass market consumption,” it added.
Medda was the co-CEO at DealShare and has several years of retail experience in companies, including Metro Cash and Carry and Raymond Consumer Care.
Last year, co-founder and CEO Vineet Rao along with Chief Operating Officer Shankar Bora stepped down as part of the company’s rejig exercise. The firm also shut down its business-to-business operations in September last year and let go of several employees in the process.
Founded in 2018 by Rajat Shikhar, Sankar Bora, Sourjyendu Medda, and Vineet Rao, Dealshare sells daily essentials and targets the middle-income demographic through a community group-buying model. The Gurugram company is now undergoing a shift in its business model from online-only to an omnichannel retail presence.
The Tiger Global-backed company attained unicorn status in January 2022 after raising $165 million in funding. In total, it has secured upwards of $390 million to date. Other key investors include Alpha Wave Global, Matrix Partners, and DST Global.
In FY22, DealShare posted a loss of Rs 431 crore with a revenue of Rs 1,933 crore. It is yet to file its FY23 numbers.
Edited by Suman Singh