Sourjyendu Medda, co-founder of DealShare, is the latest to quit the e-commerce platform. Medda is the third co-founder to exit DealShare in quick succession after Vineet Rao and Sankar Bora both left the firm last year. Rajat Shikhar is the fourth and only co-founder who remains with the company for now.
Tiger Global-backed DealShare confirmed the developments to Moneycontrol and said it has appointed Kamaldeep Singh as its new CEO. "With the new development (of Singh being appointed as the CEO), Sourjyendu Medda will step down from executive position in the company. However, he will continue to be one of the key shareholder of the company," DealShare said in a statement to Moneycontrol.
"As the company embarks on this next phase of growth, the Board and Investors has appointed Kamaldeep Singh as the new CEO of the company. The move comes after a six-month exhaustive and rigorous selection process by a leading global executive search and leadership consulting firm."
DealShare started to look for a new CEO around July last year when Rao quit. It considered several external and internal candidates but Singh fit the bill thanks to the 14 years he spent at Big Bazaar across several leadership roles.
DealShare had earlier said B2C is the future of DealShare as it shut its B2B unit and sacked employees to bring down costs, because the model was not yielding desired results for the company, Moneycontrol had reported earlier.
While Singh's internal promotion was understandable, Medda's exit was unexpected because of his ownership in the company. Co-founder Rao holds 11.69 percent stake in DealShare and is the largest shareholder among the founder group. Medda is was next with a 7.08 percent stake in the company, Bora only owns 3.18 percent of DealShare, per Tracxn, a private markets data provider.
Shikhar has no stake in DealShare, Tracxn showed.
DealShare largely focuses on the low-income cohort of shoppers and sells groceries, general merchandise, fashion items, among several other stock keeping units (SKUs).
Started by Shikhar, Rao, Bora, and Medda, DealShare has raised over $390 million in total from Alpha Wave Global, ADIA, WestBridge Capital, Matrix Partners India, and several others. In its last round, where it raised $165 million in January 2022, DealShare was valued at $1.7 billion, as per Tracxn.
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