Achint Setia Named As Snapdeal CEO

AceVector Limited has bolstered its leadership team with two new appointments. While Achint Setia will be leading Snapdeal as its chief executive officer, Himanshu Chakrawarti will transition to the role of chief executive officer of Stellaro Brands.

Chakrawarti, who has led Snapdeal and Stellaro Brands (a subsidiary of Acevector Limited) for the past three years, will now focus on driving its growth.

With more than 30 years of experience in retail and brand building, he had worked with companies like Trent, Arvind and Landmark Group.

On the other hand, Setia brings nearly 20 years of diverse experience in building new businesses, marketing, strategy, M&A, and technology, spanning e-commerce, media, telecom and government services to the table. 

He joined the company from Zalora Group (Singapore), where he served as the chief revenue and marketing officer. In his previous roles, Setia has held leadership roles at Myntra, Viacom18, McKinsey & Co, and Microsoft. 

“Under Chakrawarti’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. Seta’s extensive experience in ecommerce, 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,” cofounders of AceVector said in a joint statement.

Founded in 2010 by Kunal Bahl and Rohit Bansal, Snapdeal has raised over $1.5 Bn till date from investors such as Masayoshi Son-led SoftBank, Foxconn Technology Group, Alibaba Group, and Canada’s Ontario Teachers’ Pension Plan.

The startup earns majority of its revenue from ancillary activities, which includes providing services for collection, fulfilment centre, packaging facilitation, courier facilitation, RTO/RPR fees, closing fees and freight charges. Apart from this, it also earns revenue by providing warehousing software solutions to the merchant.  

In 2022, Snapdeal and its subsidiaries, including Unicommerce and Stellaro Brands, were consolidated under the group brand AceVector. The group was established to unite innovation in distribution channels, digital-first consumer brands, and SaaS platforms. Stellaro is a house of brands under the AceVector Group, dedicated to offering high-quality, contemporary styling at value-driven prices for the discerning online shopper in India.

On the financial side, Snapdeal’s parent entity AceVector saw its consolidated operating revenue decline 31% to INR 372 Cr in the financial year 2022-23 (FY23) from INR 539.6 Cr reported in the prior fiscal year.

However, it managed to lower its loss despite the decrease in sales revenue. Snapdeal’s net loss narrowed 44.7% to INR 282.2 Cr in FY23 from INR 510.3 Cr in the prior year.