Ecommerce unicorn DealShare's CEO Kamaldeep Singh has stepped down from his role to lead Indofast Energy, an electric mobility solutions provider. The announcement was made through LinkedIn, though Singh did not disclose the specific reason behind his exit. His departure adds fresh uncertainty for DealShare as it navigates operational contraction and ongoing acquisition discussions.
Leadership Transition at DealShare
Singh joined DealShare in December 2022 as its president and became CEO in January 2024. He was responsible for reviving the struggling value-commerce business after a nearly 15-year stint at Big Bazaar. The company has not announced a replacement, and his exit follows reports that CFO Ashish Shah is also planning to leave.
Indofast Energy's Expansion Agenda
Indofast Energy operates a fast charging battery-as-a-service network for electric vehicles across India. It is a joint venture between Indian Oil Corporation and SUN Mobility. The company plans to invest over $1 billion in the next three years to deploy more than 10,000 battery-swapping stations across over 50 cities.
Singh said he is stepping into an industry undergoing fundamental transformation and believes winners will prioritize customer experience and technology. He intends to lead Indofast Energy's next phase of growth by accelerating business expansion and strengthening market presence. His focus will include building a scalable and sustainable energy and mobility ecosystem across India.
DealShare's Ongoing Restructuring
DealShare has faced mounting competition in the ecommerce landscape, particularly in online grocery delivery for middle and lower income households. The startup scaled back its online operations in April 2026 and eventually stopped fulfilling orders from its warehouses, effectively ending its two-hour delivery model. Although the app remains available, its online business has dwindled to next to zero, and physical stores remain operational with offline expansion paused.
Financial Pressures and Acquisition Talks
In financial terms, DealShare's operating revenue fell 13.3% year over year to ₹4,324 million in FY25 from ₹4,990 million in FY24. Net loss narrowed by 91% to ₹877 million from ₹1,677 million over the same period. The company has raised nearly $400 million to date from investors including WestBridge Capital, Z47, Tiger Global, and Alpha Wave Global.
DealShare is reportedly in advanced discussions with online pharmacy Truemeds for a potential acquisition through a share-swap transaction. The deal could value DealShare at just over $90 million, a 95% drop from its peak unicorn valuation of $1.7 billion in 2022. WestBridge is a common investor in both startups and holds roughly 18.4% of DealShare, though Truemeds' existing investors are not necessarily aligned with the transaction.
The startup's founding team, including Sourjyendu Medda, Vineet Rao, Sankar Bora, and Rajat Shikhar, all exited the company by 2024. The proposed transaction is yet to materialize, and DealShare is also in talks with other potential buyers. These developments continue to raise serious questions about the company's business model and future ownership.
Kamaldeep Singh's move to Indofast Energy marks a significant leadership change for DealShare at a critical juncture. With its online operations largely halted and acquisition discussions underway, the ecommerce unicorn faces an uncertain path. The coming months will likely determine whether the company can secure a viable future under new ownership or continues to wind down its operations.