DealShare CEO Kamaldeep Singh quits as Truemeds acquisition talks loom

Kamaldeep Singh has stepped down as chief executive of ecommerce startup DealShare, which is in talks to be acquired by online pharmacy Truemeds at a fraction of its peak valuation — marking another senior leadership exit at the troubled company.

Singh, a former Big Bazaar chief executive who joined DealShare as president in December 2022 and took charge as CEO in January 2024, announced the move on LinkedIn. He has joined Indofast Energy — a 50:50 joint venture between Indian Oil Corporation and SUN Mobility — as its CEO. Indofast operates a battery-swapping network for EVs and plans to invest over $1 billion in three years to build more than 10,000 battery-swapping stations across 50-plus cities.

The exit comes amid advanced acquisition discussions with Truemeds through a share-swap transaction that could value DealShare at just over $90 million — a 95% drop from its peak unicorn valuation of $1.7 billion in 2022. WestBridge Capital, which holds roughly 18.4% of DealShare, is a common investor in both startups, though the deal is yet to materialise and Truemeds' investors are not necessarily aligned. DealShare is reportedly in talks with other potential buyers too.

DealShare's online business has dwindled to "next to zero" after it stopped fulfilling orders from warehouses in April 2026, though its physical stores continue to operate. The founding team — Sourjyendu Medda, Vineet Rao, Sankar Bora and Rajat Shikhar — had all exited by 2024, and CFO Ashish Shah is also reported to be looking to exit. No replacement CEO has been announced.

The startup, known for online grocery for middle- and lower-income "Bharat" households in Tier 2 and Tier 3 cities, has raised nearly $400 million from WestBridge Capital, Z47, Tiger Global and Alpha Wave Global. Revenue from operations fell to ₹432.4 crore in FY25 from ₹499 crore in FY24, while net loss narrowed 91% to ₹87.7 crore.