AceVector Limited, the parent company of e-commerce platform Snapdeal, has introduced new leadership roles. Achint Setia has been appointed as the Chief Executive Officer (CEO) of Snapdeal, while Himanshu Chakrawarti, the former Snapdeal CEO, will now lead Stellaro Brands, AceVector’s apparel-focused subsidiary. Stellaro Brands manages popular labels like Rangita.
This leadership reshuffle is aimed at leveraging the strengths of both executives. Himanshu Chakrawarti, who has overseen significant progress at Snapdeal and Stellaro over the last three years, will now focus solely on expanding Stellaro’s reach and influence in the apparel market.
Who is Achint Setia?
Achint Setia brings nearly two decades of experience in e-commerce, marketing, strategy, and technology to his new role at Snapdeal. He is an MBA graduate from the Indian School of Business (ISB) and has held senior positions at major companies, including Zalora Group in Singapore, Myntra, Viacom18, McKinsey & Co., and Microsoft.
Snapdeal’s co-founders, Kunal Bahl and Rohit Bansal, expressed confidence in the new appointments. They stated that Chakrawarti’s focus on Stellaro and Setia’s expertise in digital retail and brand building would drive growth for both businesses.
In June 2022, AceVector formalized its group structure, bringing Snapdeal, Stellaro Brands, and Unicommerce under one umbrella. This move was intended to streamline operations and create a unified strategy for all its businesses.
Financial Performance
Snapdeal, known for its value-driven e-commerce platform, has shown steady financial improvement. In FY24, the company reported a 2.1% increase in operational revenue, reaching Rs 379.76 crore, up from Rs 371.96 crore in FY23.
The platform also managed to reduce its adjusted EBITDA loss by 88%, narrowing it to Rs 16 crore. These results reflect Snapdeal’s efforts to enhance efficiency and profitability.
Unicommerce, another AceVector-backed business, went public in August 2023, providing a strong return on AceVector’s initial investment.
Regulatory Challenges
Snapdeal has faced scrutiny from the Ministry of Corporate Affairs (MCA) over its ownership structure and potential Chinese investments. While AceVector has not commented directly on the investigation, industry experts believe the company is focused on resolving regulatory issues while pursuing its growth strategies.
With these leadership changes, AceVector aims to strengthen its position in the e-commerce and apparel markets. The company is optimistic that the combined expertise of Achint Setia and Himanshu Chakrawarti will help Snapdeal and Stellaro Brands achieve their growth targets.
