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Amid a potential fire sale on the horizon, ecommerce unicorn DealShare’s CEO Kamaldeep Singh has stepped down from his role to join electric mobility solutions provider Indofast Energy as its CEO. Singh took to LinkedIn to make the announcement but didn’t specify the reason behind his exit. Singh had joined DealShare in December 2022 as its president, before transitioning to the role of CEO in January 2024 to spearhead the struggling startup as it revives its value-commerce business. He had a near 15 year long stint with Big Bazaar prior to DealShare, where he served as the CEO for more than a year. "After more than 25 years of building and transforming consumer businesses, I am stepping into an industry that is itself going through a fundamental transformation. Mobility is being reimagined. I believe the winners in this transformation will be those who put customer experience at the core and technology at the backbone," Singh said. For context, Indofast Energy operates a fast charging battery-as-a-service network for EVs across India. It is a joint venture between Indian Oil Corporation and SUN Mobility. The company is planning to invest over $1 Bn over the next three years to deploy more than 10,000 battery-swapping stations across 50-plus cities. Singh intends to lead Indofast Energy’s next phase of growth, accelerating business expansion, strengthening its market presence and building a scalable and sustainable energy and mobility ecosystem across India. What This Exit Means For DealShare The exit comes about a month after Inc42 reported that Singh was serving his notice period, while CFO Ashish Shah was also looking to exit the startup. As of now, the ecommerce startup is yet to announce its replacement. The CEO exit comes amid ongoing questions around DealShare’s business model and future ownership. The startup’s founding team — Sourjyendu Medda, Vineet Rao, Sankar Bora and Rajat Shikhar — all exited by 2024. DealShare, which is known for online grocery delivery catering to middle and lower income "Bharat" households in tier-II and tier-III cities, has seen mounting competition pressure in the ecommerce landscape. DealShare began scaling back its online operations in April 2026 and eventually stopped fulfilling orders from its warehouses, effectively shutting down its two-hour delivery model. While the app remains available, its online business has dwindled to “next to zero”, Inc42 reported in September. The startup continues to operate physical stores, although further offline expansion has been put on hold. Amid all this, the startup is now reportedly in advanced discussions with online pharmacy Truemeds for a potential acquisition through a share-swap transaction that could value DealShare at just over $90 Mn, a 95% drop from its peak unicorn valuation. Westbridge is a common investor in both startups, holding roughly 18.4% of DealShare. Notably, the transaction is yet to materialise, with Truemeds’ existing investors not necessarily aligned with the deal. DealShare is also in talks with other potential buyers, according to sources Inc42 spoke to earlier. It has raised nearly $400 Mn to date from investors such as WestBridge Capital, Z47, Tiger Global, and Alpha Wave Global. It reached a peak valuation of $1.7 Bn in 2022. On the financial front, DealShare’s revenue from operations fell to 13.3% YoY₹432.4 Cr in FY25 from ₹499 Cr in FY24, while its net loss narrowed 91% to ₹87.7 Cr from ₹167.7 Cr.
document fetched 2026-10-14 03:05 · canonical https://inc42.com/buzz/dealshare-ceo-kamaldeep-singh-steps-down-amid-acquisition-talks