Dealshare, the Tiger Global backed online grocery company, is witnessing fresh round of exits, with two members of founding team putting in papers. Several media reports suggest, that Vineet Rao and Sankar Bora, two of the co-founders and CEO-COO respectively, have resigned. While Rao had already resigned from his position back in July, he was still with the company to help investors find a new CEO. It seems however, that the process will now be done by investors themselves.
The ecommerce startup, which has seen several pivots, and has rasied nearly $390Mn in venture funding, has been struggling to get a firm business footing, for a long time now. The startup had earlier completely shut down its B2B vertical, and fired hundreds, as it failed to find a product-market fit. Then, the company again trimmed its workforce by 100 employees, and now has about 500 people working for it. There is further restructuring that the investors are potentially looking into.
According to last updated data, Vineet Rao held a 11.7% stake in the firm while Sankar Bora owned about 3.2%. The other co-founder Sourjyendu Medda had 7.1%. Fourth co-founder Rajat Shikhar did not own any stake. Both Medda and Shikhar are continuing to work in the company and are accompanied by seasoned FMCG veterans such as former BigBazaar CEO Kamaldeep Singh, and Rajesh Purohit, formerly at SPAR Hypermarkets India.
Read more at thetechportal.com
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