Vineet Rao, co-founder and chief executive of Indian social commerce DealShare, has stepped down from the top role, the Tiger Global and Alpha Wave Global-backed startup said Monday.
Rao will work with the startup’s board to identify the next chief executive, the Monday statement added. The startup, which did not say why Rao was stepping down, has been scrambling to find ways to find stickiness in its business for quarters.
It said Monday that DealShare has served over 10 million customers since launch in 2018 and intends to pivot to a hybrid model with an expansion into offline. The Jaipur-headquartered startup, which has raised nearly $400 million, allows customers in groups to make purchases.
“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 & share of wallet,” a DealShare spokesperson said in a statement.