DealShare CEO Kamaldeep Singh Steps Down, Joins Indofast Energy
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Khushi Jain
- October 13, 2026
DealShare CEO Kamaldeep Singh has stepped down from his role to join electric mobility solutions provider Indofast Energy as its CEO, amid reports of a potential sale of the ecommerce startup. Singh announced the move on LinkedIn but did not specify the reason behind his exit.
Singh joined DealShare in December 2022 as president and became CEO in January 2024. He was tasked with leading the struggling startup as it worked to revive its value-commerce business. Before joining DealShare, he spent nearly 15 years at Big Bazaar, where he served as 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.
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 Bn over the next three years to deploy more than 10,000 battery-swapping stations across 50-plus cities.
Singh is expected to lead Indofast Energy’s next phase of growth, focusing on 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
Singh’s departure comes about a month after Inc42 reported that he was serving his notice period. DealShare CFO Ashish Shah was also reportedly looking to exit the startup. The ecommerce company has yet to announce Singh’s replacement.
The CEO’s exit comes amid continuing questions about DealShare’s business model and future ownership. The startup’s founding team, comprising Sourjyendu Medda, Vineet Rao, Sankar Bora and Rajat Shikhar, had exited by 2024.
DealShare is known for online grocery delivery targeting middle- and lower-income households in tier-II and tier-III cities. The company has faced mounting competition in the ecommerce market.
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.
Although the app remains available, its online business has dwindled to “next to zero”, Inc42 reported in September. The startup continues to operate physical stores, but further offline expansion has been put on hold.
Amid these developments, 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 Mn, a 95% decline from its peak unicorn valuation.
Westbridge is a common investor in both startups, holding roughly 18.4% of DealShare.
The transaction has yet to materialise, with Truemeds’ existing investors not necessarily aligned with the deal. According to sources previously cited by Inc42, DealShare is also in talks with other potential buyers.
DealShare has raised nearly $400 Mn to date from investors including WestBridge Capital, Z47, Tiger Global and Alpha Wave Global. The startup reached a peak valuation of $1.7 Bn in 2022.
Financially, DealShare’s revenue from operations fell 13.3% year-on-year to Rs 432.4 Cr in FY25 from Rs 499 Cr in FY24. Its net loss narrowed 91% to Rs 87.7 Cr from Rs 167.7 Cr.
FAQs
1. Who has replaced Kamaldeep Singh as CEO of DealShare?
DealShare has yet to announce Singh’s replacement.
2. Where is Kamaldeep Singh joining after leaving DealShare?
Singh has joined Indofast Energy as its CEO.
3. What does Indofast Energy do?
Indofast Energy operates a fast-charging battery-as-a-service network for electric vehicles across India.
4. What is the reported valuation of the potential DealShare-Truemeds deal?
The potential share-swap transaction could value DealShare at just over $90 Mn, a 95% decline from its peak unicorn valuation.
5. How did DealShare perform financially in FY25?
DealShare’s revenue from operations fell 13.3% year-on-year to Rs 432.4 Cr from Rs 499 Cr in FY24, while its net loss narrowed 91% to Rs 87.7 Cr from Rs 167.7 Cr.
