Ashish Shah, the former Senior Vice President of Finance at Zepto, has been appointed as the Chief Financial Officer (CFO) at DealShare, as reported by sources close to the matter.
Shah’s move to DealShare follows a notable tenure at Zepto, where he played a pivotal role in establishing the startup’s financial framework since joining in June 2021.
Shah’s departure from Zepto in December 2023 comes at a crucial time for DealShare, which has been undergoing significant restructuring to stabilize its operations. Over the past year, DealShare has undertaken several cost-cutting measures, including the closure of its B2B arm, substantial layoffs, and relinquishing office space to reduce cash burn. Additionally, the company has seen three out of its four co-founders exit as the business faced escalating challenges.
Despite these efforts, DealShare’s growth trajectory has stalled, with its gross merchandise value (GMV) remaining flat at approximately Rs 1,900 crore in FY23. The company’s financial losses have also increased, presenting a demanding task for Shah as the new CFO.
Shah brings a wealth of experience to DealShare, with over 12 years in e-commerce and FMCG sectors, including roles at Essar, Amazon, Marico, and PepsiCo. His LinkedIn profile highlights his extensive background in leading finance operations and strategic financial planning.
While DealShare has confirmed Shah’s appointment, Zepto has not provided a response to queries from Moneycontrol regarding his departure.
Shah’s move to DealShare follows a series of high-profile exits from Zepto’s senior management. In June, Manik Oberoi, Vice President of Growth and Retention, and Viral Jhaveri, Chief Business Officer and Chief Growth Officer, both left the company. These departures were preceded by the exit of Amritansu Nanda, Chief Marketing Officer.
These leadership changes occur as Zepto prepares for an initial public offering (IPO) following significant fundraising rounds. In January, Zepto promoted Nikhil Mittal to Chief Technology Officer from Senior Vice President of Technology, with co-founder Kaivalya Vohra taking on additional responsibilities in product and technology.
Shah’s appointment at DealShare marks a critical juncture for the company as it navigates through its strategic overhaul and aims to achieve sustainable growth.
