🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

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.


Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.