Kamaldeep Singh has stepped down as CEO of ecommerce unicorn DealShare to become the CEO of Indofast Energy, an electric mobility solutions provider, according to inc42.com. Singh announced the move on LinkedIn but did not specify the reasons for his departure. He joined DealShare in December 2022 as president and became CEO in January 2024 to lead the struggling startup’s revival efforts.
Singh brings nearly 15 years of experience from Big Bazaar, where he served as CEO for over a year. At Indofast Energy, a joint venture between Indian Oil Corporation and SUN Mobility, he will oversee the company’s plan to invest more than $1 billion over three years to deploy over 10,000 battery-swapping stations across 50-plus cities in India. Singh aims to accelerate business expansion and build a scalable energy and mobility ecosystem.
The transition comes amid talks of a potential fire sale of DealShare, which has faced operational challenges despite its unicorn status. Indofast Energy operates a fast-charging battery-as-a-service network for electric vehicles, a sector gaining momentum in India’s push for sustainable mobility. Singh’s move highlights a shift toward leadership focused on technology-driven customer experience in the evolving electric vehicle infrastructure market.
Indofast Energy’s aggressive expansion plan includes deploying more than 10,000 battery-swapping stations across India, backed by a $1 billion investment over the next three years, as reported by inc42.com.