Homegrown social commerce unicorn DealShare’s co-founder and CEO Vineet Rao has stepped down, the company said on Monday.
Rao will work with the board to help identify the right CEO to lead this mission,” Tiger Global and Alpha Wave Global-backed company said in a statement.
“He will also continue to work with and advise the board in respect to the new leadership,” it added.
The company, however, did not elaborate further on why Rao has moved on.
DealShare has served more than 10 million customers since its launch in 2018. It now aims to offer a hybrid model with an expansion into offline.
“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 and share of wallet,” a company spokesperson said.
The social e-commerce platform last year raised $45 million as part of its series E funding round from the Abu Dhabi Investment Authority (ADIA), taking its total funding to $393 million and valuation to $1.7 billion.
The company said it will use the funds to boost product innovation and technology to support its rapid growth and expanding customer base.
DealShare offers low-priced essentials coupled with a gamified, fun-filled, and virality-driven shopping experience, making it easy for first-time internet users to experience online shopping.
DealShare had previously announced $165 million of funding in Series E from Tiger Global, Alpha Wave Global, Dragoneer Investments Group, Kora Capital and Unilever Ventures.
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