Achint Setia Appointed CEO of Snapdeal
AceVector Limited has declared key leadership transitions to accelerate its growth and consolidate market position in a competitive e-commerce market. With nearly two decades of experience cutting across e-commerce, media, technology, and brand building, Achint Setia has been appointed as the new Chief Executive Officer of Snapdeal, India's value-focused e-commerce platform. Achint Setia appointment marks a new chapter for Snapdeal as the company continues strengthening its brand position in India's growing value-conscious online shopping market.
Previously working as Chief Revenue and Marketing Officer with the Singapore-based Zalora Group, Setia now moves to Snapdeal. Prior experience at Myntra, Viacom18, McKinsey & Co., and Microsoft has given him robust business strategy, operational efficiency, and brand growth expertise. His academic background includes an MBA in Strategy and Finance from the Indian School of Business (ISB), along with participation in the Stanford Graduate School of Business LEAD program in Corporate Innovation.
Talking about the leadership transition, AceVector co-founders Kunal Bahl and Rohit Bansal were confident that Setia would be able to lead Snapdeal. Achint's e-commerce, media, technology, and brand building experience will be valuable assets as he assumes the mantle of CEO for Snapdeal. His vision will drive the growth and success of the company moving forward", Bahl and Bansal said. Setia's leadership is going to take Snapdeal to a whole new level with his immense experience in scaling businesses and optimising operations.
Besides this, Himanshu Chakrawarti, the former head of Snapdeal and Stellaro Brands, would solely work for the growth of Stellaro Brands, an AceVector Limited subsidiary. With more than 30 years of experience in retail working with companies such as Trent, Arvind, and the Landmark Group, Chakrawarti has led Snapdeal towards success for three years. His strategic decision to move to Stellaro is to help it build brand strength in this ever-growing branded goods market.
"We are quite sure that this broad retail expertise will continue to work well for the brands at Stellaro under this more specialized role. It is already producing excellent results at Snapdeal, and Stellaro would do exceptionally well under him", said Bahl and Bansal. Stellaro Brands, positioned as a 'house of brands', targets value-conscious consumers by offering high-quality products with modern designs. Chakrawarti’s focus on Stellaro’s growth is expected to solidify the company’s foothold in the competitive market for branded goods.
The leadership transition comes at a critical moment for AceVector, which is expanding its footprint in the rapidly growing value e-commerce and branded goods sectors in India. The country's e-commerce market is estimated to be $123 billion in 2024 and has been growing quite significantly, with the value segment growing much faster. Snapdeal has created a strong niche in this space catering to mid-income consumers with a budget-conscious mindset. More than 90% of its merchandise is priced below INR 1,000, which is a huge reason for Snapdeal's appeal in non-metro cities where over 86% of the orders come from.
The strategy of the platform is in alignment with the digital habits of the target audience as most of its users access the internet through mobile phones. Increased popularity of Snapdeal is seen in its financial results. For fiscal year 2024, revenues were up 2.1% at INR 379.76 crore. Moreover, Snapdeal has managed to significantly decrease the loss in adjusted EBITDA. It stands at 88%, having dropped from INR 144 crore during FY23 to INR 16 crore in FY24. The operational efficiencies and expense controls of the company have really paid off during these times.
Despite these encouraging financials, Snapdeal still had to deal with the issue of a net loss of INR 160.38 crore for FY24. One of the primary reasons behind the loss was the revaluation of a put option held by Unicommerce investors, valued at INR 110 crore. However, the company's performance has shown an improvement based on cost-cutting measures like reducing employee benefits and advertising expenditure, which points out that Snapdeal is actually fiscally disciplined and continues to grow steadily.
With the festive season gaining momentum, Snapdeal has seen its order volumes increase 1.8 times from what it was during the same period last year. Such demand speaks about the resonance of its appeal among consumers looking to purchase affordable fashion, home decor, and lifestyle products. Diversified revenue streams via marketing services and e-commerce enablement also mean that Snapdeal has gained better financial health over time.
With Setia in place, Snapdeal is looking forward to regaining its ground in the market and continuing to reach out to the vast Indian consumer base. Setia would have to juggle the requirement of maintaining the financial discipline with innovation and further expansion in the market. Under his leadership, Snapdeal's growth will come in a rapidly changing e-commerce space.
Meanwhile, Chakrawarti’s leadership at Stellaro Brands is expected to further enhance the subsidiary’s brand-building efforts and accelerate its growth in the value segment. Stellaro’s focus on quality and contemporary styling for value-conscious shoppers makes it a formidable player in the e-commerce space, and Chakrawarti’s expertise will be instrumental in scaling its operations.
AceVector's moves to appoint top leadership positions prove that it's committed to consolidating its foothold in value-driven e-commerce and branded products markets in India. The current reshuffling of its leadership is strategic to help position the company in relation to the dynamics of the India consumer and retail landscape. Leading Snapdeal in Setia, and Chakrawarti putting his focus at Stellaro Brands, proves that AceVector is ready for further growth and innovations in a tough market.
