Vineet Rao, the CEO and co-founder of e-commerce platform DealShare, has made the decision to step down from his position. With immediate effect, Rao will no longer serve as the company’s CEO, and a new professional CEO will be appointed to lead the organization. Additionally, DealShare is undergoing a major change as its headquarters shifts from Bengaluru to Delhi. This strategic move is in line with the company’s focus on expanding its presence in the offline segment while continuing to provide online services.
DealShare’s CEO Vineet Rao Steps Down
A spokesperson for DealShare revealed to Moneycontrol, “Our company is committed to both online and offline models for our services. As we embark on a new phase of growth, Vineet Rao, the current CEO, has decided to step down. Rao will assist the company’s board in the search for a capable CEO and will continue to advise the board during this leadership transition.”
Previously, DealShare’s biggest office was located in Bengaluru, employing around 350 to 450 employees, which constituted over one-third of the company’s total workforce of approximately 1,100 employees. However, with the headquarters moving to Delhi and a shift towards emphasizing offline expansion, the non-technology division staff members have been asked to relocate to Delhi within the next three months. This move could potentially lead to some employees seeking job opportunities in Bengaluru rather than making the transition.
Headquarters Relocation to Delhi
According to a source familiar with the matter, “In the event that an employee is unable to relocate to Delhi, the company may request their resignation.” Some employees may be offered the option to change departments, but this could result in salary reductions, making it an unattractive proposition for most staff members.
Furthermore, S Medda, one of the founders and co-CEOs of DealShare, disclosed to Moneycontrol that the company has ambitious plans to invest Rs 1,000 crore over the next five years to bolster its private-label business and facilitate further growth and expansion. This investment is a testament to DealShare’s commitment to enhancing its offerings and solidifying its position in the market.
