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Homegrown social commerce platform DealShare appoints new CEO

Published 11-01-2024, 10:41 pm
Homegrown social commerce platform DealShare appoints new CEO

New Delhi, Jan 11 (IANS) Homegrown social commerce unicorn DealShare on Thursday announced to appoint Kamaldeep Singh as the new CEO of the company.In July last year, DealShare’s co-founder and CEO Vineet Rao stepped down and worked with the board to “help identify the right CEO”.

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.

“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”,” DealShare said in a statement.

The move to appoint the new CEO came after a “six-month exhaustive and rigorous selection process by a leading global executive search and leadership consulting firm”.

Sing had joined DealShare as President of company’s retail business in December 2022.

Prior to this, he has held various leadership positions like Group Head and President prior to his appointment as CEO of Big Bazaar.

“DealShare continues to remain sufficiently well-capitalised and enjoy the strong backing and support from their Board and investors,” the company said.

The social e-commerce platform last year raised $45 million as part of its series E funding round from the Abu Dhabi Investment Authority (ADIA), taking its total funding to $393 million and valuation to $1.7 billion.

DealShare offers low-priced essentials coupled with a gamified, fun-filled, and virality-driven shopping experience, making it easy for first-time internet users to experience online shopping.

The unicorn had previously announced $165 million of funding in Series E from Tiger Global, Alpha Wave Global, Dragoneer Investments Group, Kora Capital and Unilever (LON:ULVR) Ventures.

--IANS

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