AceVector appoints new CEOs for Snapdeal and Stellaro Brands

AceVector Limited, the holding company behind e-commerce platform Snapdeal, announced leadership changes on Wednesday.

The company named Achint Setia as Chief Executive Officer of Snapdeal and confirmed that its existing CEO, Himanshu Chakrawarti, will now serve as the CEO of Stellaro Brands, a subsidiary of AceVector that focuses on apparel labels such as Rangita.

Under Chakrawarti’s leadership, Snapdeal and Stellaro have made notable progress over the past three years, and the company said the new arrangement will allow him to concentrate exclusively on expanding Stellaro’s presence.

Who is Achint Setia?

Setia, who takes over the helm at Snapdeal, has nearly 20 years of diverse experience in e-commerce, marketing, strategy, and technology. 

An MBA graduate from the Indian School of Business (ISB), he most recently served as chief revenue and marketing officer at Zalora Group in Singapore. His previous roles include stints at Myntra, Viacom18, McKinsey & Co., and Microsoft.

Snapdeal’s co-founders, Kunal Bahl and Rohit Bansal, said in a joint statement that the new appointments will benefit both Snapdeal and Stellaro by leveraging Chakrawarti’s past successes and Setia’s broad experience in digital retail and brand building.

"Under Himanshu's leadership, we have seen remarkable progress across Snapdeal and Stellaro Brands, and this transition allows the group to benefit from his experiences by focusing on Stellaro’s growth. Achint's extensive experience in e-commerce, media, technology, and brand building will add great value to his role as the CEO of Snapdeal and will be instrumental in supporting the business on its growth trajectory. We wish both Achint and Himanshu great success in their new roles," they added.

AceVector formalized its group structure in June 2022 to consolidate all its businesses under one umbrella, including Snapdeal, Stellaro Brands, and Unicommerce.

Snapdeal's financial performance

Snapdeal, known as a value-focused online marketplace, reported a 2.1% increase in revenue from operations in FY24, rising to Rs 379.76 crore from Rs 371.96 crore in FY23.

The platform’s adjusted EBITDA loss dropped by 88% to Rs 16 crore, reflecting a narrower loss margin. Meanwhile, Unicommerce—backed by Snapdeal—listed on the stock exchanges in August last year, offering AceVector a significant return on its initial investment.

Media reports have also noted that Snapdeal was involved in an investigation by the Ministry of Corporate Affairs (MCA) concerning its ownership structure and potential investment from Chinese firms.

AceVector has not commented directly on the probe, but industry observers say the company is focused on navigating regulatory matters and continuing its strategic pursuit of growth.