Acevector Limited, the parent organisation of Snapdeal, announced on Wednesday the appointment of Achint Setia as its new Chief Executive Officer (CEO). According to a company statement, the current CEO, Himanshu Chakrawarti, has moved on to become the CEO of Stellaro Brands, a subsidiary of Acevector that oversees apparel lines such as Rangita. Over the past three years, Chakrawarti has successfully led both Snapdeal and Stellaro Brands, and he will now concentrate solely on fostering growth at Stellaro, as indicated by the company.
Previously, Setia served as the Chief Revenue and Marketing Officer at Zalora Group in Singapore. He holds an MBA from the Indian School of Business (ISB) and boasts over two decades of experience working with prominent organisations including Myntra, Viacom18, McKinsey & Co., and Microsoft.
Kunal Bahl and Rohit Bansal, co-founders of Acevector Limited, mentioned in a press statement, “Under Himanshu’s leadership, we have witnessed significant progress across Snapdeal and Stellaro Brands. This transition leverages his experiences to foster Stellaro’s growth. Achint’s vast expertise in ecommerce, media, technology, and brand development will greatly benefit him as CEO of Snapdeal and be crucial in propelling the business forward.”
Additionally, Snapdeal-backed Unicommerce went public in August last year, delivering up to four times returns on its investment for the cash-strapped ecommerce marketplace. There have also been reports indicating the company is part of a Ministry of Corporate Affairs (MCA) investigation concerning its ownership structure and potential investments from Chinese firms.
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