Amid a potential fire sale on the horizon, ecommerce unicorn DealShare’s CEO Kamaldeep Singh has stepped down from his role to join electric mobility solutions provider Indofast Energy as its CEO. Singh took to LinkedIn to make the announcement but didn’t specify the reason behind his exit. 

Singh had joined DealShare in December 2022 as its president, before transitioning to the role of CEO in January 2024 to spearhead the struggling startup as it revives its value-commerce business. He had a near 15 year long stint with Big Bazaar prior to DealShare, where he served as the 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. 

For context, Indofast Energy operates a fast charging battery-as-a-service network for EVs across India. It is a joint venture between Indian Oil Corporation and SUN Mobility. The company is planning to invest over $1 Bn over the next three years to deploy more than 10,000 battery-swapping stations across 50-plus cities.

Singh intends to lead Indofast Energy’s next phase of growth, accelerating business expansion, strengthening its market presence and building a scalable and sustainable energy and mobility ecosystem across India.

The exit comes about a month after Inc42 reported that Singh was serving his notice period, while CFO Ashish Shah was also looking to exit the startup.

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