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The finances of the parent, centred on ecommerce platform Rakuten Ichiba, have suffered since its 2020 launch of a mobile carrier that led to 14 straight quarters of operating losses.
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“There is a review going on since Rao stepped down as the CEO. Singh and Medda are the two candidates from the existing management. But the (proceedings) are being run by (a) third-party firm to follow due process,” a person briefed on the matter said.
Amazon and Patni Group, joint venture partners of Apparios parent firm Frontizo, had in October last year announced plans to shut the seller entity within a year.
While Rao “stepped down” from his role of chief executive in July and was supposed to work with the board for hiring a new CEO, he has now left Dealshare even as the company has yet to name his successor, several people aware of the matter said. Bora, who was chief operating officer, has also moved on from the company which is now shifting its non-tech functions to Gurgaon.