DealShare CEO Kamaldeep Singh Steps Down
Kamaldeep Singh, CEO of e-commerce firm DealShare, has resigned from his position. The departure comes amidst ongoing discussions for a potential acquisition of the company.
Kamaldeep Singh, CEO of e-commerce unicorn DealShare, has stepped down from his role to become the CEO of Indofast Energy, an electric mobility solutions provider. Singh announced his departure on LinkedIn.
Singh joined DealShare in December 2022 as president and transitioned to CEO in January 2024. His exit occurs as DealShare is reportedly in advanced acquisition talks with online pharmacy Truemeds. The company has been facing significant business challenges and a substantial decline in valuation from its peak unicorn status.
DealShare, which previously focused on online grocery delivery for middle and lower-income households in tier-II and tier-III cities, has encountered intense competition and operational difficulties. The company has scaled back its online operations, ceasing fulfillment from its warehouses and significantly reducing its online business. It continues to operate physical stores, though further offline expansion is on hold.
The company's founding team has all exited by 2024. DealShare's financial performance has been affected, with revenue declining year-over-year and net losses narrowing. The potential acquisition by Truemeds, if completed, could value DealShare at a fraction of its former unicorn valuation.