DealShare CEO Kamaldeep Singh Steps Down Amid Acquisition Talks
Amid a potential fire sale on the horizon, ecommerce unicorn DealShare’s CEO Kamaldeep Singh has stepped down from his role…
DealShare's CEO Kamaldeep Singh has resigned to assume the role of CEO at electric mobility solutions provider Indofast Energy. Singh, who joined DealShare in December 2022 and became CEO in January 2024, cited the transformative nature of the mobility industry as his reason for leaving. Indofast Energy, a joint venture between Indian Oil Corporation and SUN Mobility, is set to invest over $1 Bn in deploying battery-swapping stations across India.
Singh aims to lead Indofast Energy's expansion, strengthen its market presence, and build a sustainable energy and mobility ecosystem nationwide. The exit follows reports of Singh serving his notice period and CFO Ashish Shah considering an exit. DealShare, known for online grocery delivery to lower-income households, has faced mounting competition and has since scaled back its online operations, focusing on physical stores.
The startup is reportedly in advanced talks for acquisition by online pharmacy Truemeds, which could value DealShare at $90 Mn, a significant drop from its peak valuation of $1.7 Bn.
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