DealShare co-founder & CEO Vineet Rao steps down as the social commerce startup faces growth challenges
India’s social e-commerce DealShare co-founder and CEO Vineet Rao has stepped down from his role effective immediately, the Tiger Global and Alpha Wave Global-backed unicorn startup announced in a statement on Monday.
Rao will collaborate with the DealShare board in identifying the right CEO to take on the company’s mission. In the statement, the company said that Rao will work with the DealShare board “to help identify the right CEO to lead this mission He will also continue to work with and advise the board in respect to the new leadership.”
DealShare has faced growth challenges in recent months, but the specific reasons behind Rao’s departure were not disclosed. The company has been actively seeking strategies to enhance its business and customer retention. Having served over 10 million customers since its launch in 2018, DealShare plans to adopt a hybrid online and offline model, expanding its services to include offline channels.
The Jaipur-based startup, which has raised nearly $400 million, allows customers to make group purchases, and it is determined to drive profitable growth while improving its services and customer retention.
In a statement, a DealShare spokesperson said: “In its continuous quest to drive profitable growth, DealShare aspires to pivot to a hybrid online and offline model to enhance its services, and increase its customer retention & share of wallet.”