DealShare CEO Kamaldeep Singh exits, joins Indofast Energy as CEO

DealShare CEO Kamaldeep Singh has stepped down from his role to become chief executive officer of Indofast Energy, an electric mobility solutions provider. Singh announced his move on LinkedIn but did not disclose the reason for his departure, according to Inc42.

The leadership change comes as DealShare navigates a prolonged business slowdown, following a reduction in its online operations and reports of potential acquisition discussions with online pharmacy platform Truemeds.

Singh joined DealShare in December 2022 as president and became CEO in January 2024. Before joining the ecommerce startup, he spent nearly 15 years at Big Bazaar, where he served as CEO for more than a year.

From value commerce to electric mobility

Singh’s move marks a shift from consumer retail to the electric mobility sector, where Indofast Energy operates a battery-as-a-service network across India.

In his LinkedIn announcement, Singh reflected on his experience building consumer businesses and his decision to enter a sector undergoing significant change.

“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.

Indofast Energy is a joint venture between Indian Oil Corporation and SUN Mobility. The company plans to invest more than $1 billion over the next three years to deploy over 10,000 battery-swapping stations across more than 50 cities.

Singh is expected to lead the company’s next phase of growth, with responsibilities centred on business expansion, strengthening its market presence and developing a scalable energy and mobility ecosystem.

DealShare’s leadership transition comes amid business uncertainty

Singh’s departure follows earlier reporting by Inc42 that he was serving his notice period. The publication also reported that DealShare CFO Ashish Shah was looking to leave the company. DealShare has yet to announce Singh’s replacement, according to the supplied report.

The startup has undergone significant leadership changes since its founding team members, Sourjyendu Medda, Vineet Rao, Sankar Bora and Rajat Shikhar, exited by 2024.

DealShare built its business around online grocery delivery for middle- and lower-income households in tier-II and tier-III Indian cities. However, competition in ecommerce has added pressure on its business model.

The company began scaling back its online operations in April 2026 and subsequently stopped fulfilling orders from its warehouses, effectively ending its two-hour delivery model. Although its app remains available, the publication reported in September that its online business had dwindled to almost zero.

The company continues to operate physical stores, while further offline expansion has been put on hold, Inc42 reported.

Truemeds acquisition talks remain unresolved

DealShare’s leadership change comes as the company reportedly explores a potential sale. Online pharmacy platform Truemeds was in advanced discussions to acquire DealShare through a share-swap transaction.

The proposed transaction could value DealShare at slightly more than $90 million, representing a reported decline of approximately 95% from its peak valuation of $1.7 billion in 2022.

However, the transaction has not been completed. Truemeds’ existing investors were not necessarily aligned with the proposal, while DealShare was also in discussions with other potential buyers.

WestBridge Capital is an investor in both companies and holds approximately 18.4% of DealShare, according to the report.

DealShare has raised nearly $400 million from investors including WestBridge Capital, Z47, Tiger Global and Alpha Wave Global.

Revenue declines as net loss narrows

DealShare’s financial performance reflects the challenges facing its business. According to the figures reported by Inc42, revenue from operations fell to ₹432.4 crore in FY25 from ₹499 crore in FY24, a decline of approximately 13.3%.

The company’s net loss narrowed by 91% to ₹87.7 crore in FY25, compared with ₹167.7 crore in FY24.

The financial figures indicate a reduction in both operating revenue and reported losses, although they do not establish whether the company’s revised operating model is sustainable.