DealShare co founder Sourjyendu Medda steps down; appoints new CEO

Social e commerce company DealShare on Thursday said Sourjyendu Medda, one of the co founders, will step down from his position, and has appointed Kamaldeep Singh as the company’s new chief executive officer. Medda step down marks the exit of the third cofounder of the firm with only Rajat Shikhar retaining his position.

The other three include Vineet Rao, Sourjyendu Medda and Sankar Bora. “The move won’t have any impact on the company’s operations, headcount, strategy and its vision of being a leader in the grocery and consumables market by targeting India’s rapidly growing mass market consumption," DealShare said in a statement.

However, Medda will continue to be one of the key shareholders of the company. “With a strong push on offline retail, the company is in the process of transitioning from an online only model to a hybrid model that combines both online and offline operations," DealShare added. Kamaldeep, who joined DealShare as president of its retail business in December 2022, brings to the company over two decades of experience in retail and FMCG segments.

Prior to this, he has held various senior leadership positions and also served as the chief executive in Big Bazaar. “The move comes after a six month exhaustive and rigorous selection process by a leading global executive search and leadership consulting firm," DealShare said. The firm met both internal and external candidates who were suitable for the role.

Kamaldeep’s appointment succeeds Vineet Rao, who, other than DealShare, has also launched two other startups in the area of virtual reality and cross border e commerce SpectraVR Studios Pvt Ltd and Shopwest, respectively. DealShare, a Jaipur based social commerce startup owned and operated by Merabo Labs Pvt Ltd, procures products from local manufacturers and provides them with a platform to digitize their business.

The company, which was struggling with margins, widened its product offerings beyond staples to include personal care, FMCG, food, general merchandise and home care products in a bid to expand its customer’s basket. Livemint tops charts as the fastest growing news website in the world to know more.

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