DealShare CEO Steps Down to Join Indofast Energy
DealShare CEO Kamaldeep Singh has stepped down to join Indofast Energy as its CEO. The move comes as DealShare navigates a turnaround and explores a potential sale, with discussions reportedly underway with online pharmacy Truemeds.
DealShare CEO steps down amid ownership questions
Singh joined DealShare as president in December 2022 and became CEO in January 2024. His replacement has not been announced.
DealShare is an online grocery business serving middle and lower income “Bharat” households in tier-II and tier-III cities. It began scaling back online operations in April 2026, stopped fulfilling orders from its warehouses, and effectively shut down its two-hour delivery model. Its physical stores continue to operate, while further offline expansion has been put on hold.
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The company is reportedly in advanced discussions with Truemeds over a potential share-swap acquisition that could value DealShare at just over $90 Mn. The transaction has not materialised, and DealShare is also in talks with other potential buyers, according to sources cited by Inc42.
What Indofast Energy does
Indofast Energy operates a fast charging battery-as-a-service network for electric vehicles across India. It is a 50:50 joint venture between IndianOil 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 said, “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.”
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