Achint Setia takes over as Snapdeal’s CEO

AceVector Limited has announced two key leadership appointments aimed at bolstering its business operations. Achint Setia will take over as the Chief Executive Officer (CEO) of Snapdeal, a prominent value-focused e-commerce platform. Meanwhile, Himanshu Chakrawarti, who previously led Snapdeal and Stellaro Brands, will now focus exclusively on driving the growth of Stellaro Brands, a subsidiary of AceVector Limited.

Setia’s appointment as CEO brings nearly two decades of diverse experience spanning e-commerce, media, technology, and brand building. He joins Snapdeal from Singapore-based Zalora Group, where he served as chief revenue and marketing officer.

Setia has held leadership roles at Myntra, Viacom18, McKinsey & Co., and Microsoft, equipping him with a blend of strategic and operational expertise. His educational credentials include an MBA in strategy and Finance from the Indian School of Business (ISB) and a stint at the Stanford GSB LEAD program in Corporate Innovation.

Commenting on the appointments, AceVector’s co-founders, Kunal Bahl and Rohit Bansal, stated, “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.”

Chakrawarti’s transition to focus solely on Stellaro Brands marks a strategic move to strengthen the company’s brand-building capabilities. He brings over three decades of retail experience from his roles at Trent, Arvind, and the Landmark Group.

Under his leadership, Snapdeal and Stellaro Brands have seen notable progress over the past three years. Positioned as a "house of brands," it targets value-conscious online shoppers by offering quality products with contemporary styling. Chakrawarti’s expertise will be critical in scaling Stellaro’s operations and fostering its growth in a competitive market.

The co-founders of AceVector remarked, “Himanshu’s rich retail experience and leadership have driven remarkable progress across Snapdeal and Stellaro Brands. This transition allows the group to benefit further from his focus on Stellaro’s growth.”

These appointments come at a critical juncture for AceVector as it seeks to cement its position in the growing value e-commerce and branded goods segment in India.

Snapdeal has carved a niche in India’s e-commerce market—estimated by Statista to have a market value of $123 billion in 2024—by focusing on the country’s expanding value segment. The platform primarily caters to mid-income users with a budget-conscious mindset. Over 90% of its merchandise is priced under INR 1,000, and more than 86% of its orders originate from non-metro cities, reflecting its appeal in India’s heartland.

The company’s strategy aligns with the digital habits of its target audience, many of whom access the Internet via mobile phones. Snapdeal’s recent financial performance underscores its steady evolution, with revenues increasing by 2.1% to INR 379.76 crore in FY24. Its operational efficiencies, including cost-cutting measures, have significantly narrowed its adjusted EBITDA loss by 88%, from INR 144 crore in FY23 to INR 16 crore in FY24.

The festive season has also brought a surge in demand, with a 1.8x increase in order volumes compared to the previous year. This highlights Snapdeal’s growing traction among consumers seeking affordable fashion, home decor, and lifestyle products.

Snapdeal’s fiscal discipline has been a cornerstone of its improved performance. The company has successfully curtailed expenses, with employee benefits dropping 48.5% to INR 158.4 crore and advertising spending reducing by 23.5% to INR 70.37 crore in FY24.

Despite these cuts, Snapdeal has maintained its growth momentum, with marketing services and e-commerce enablement contributing significantly to its revenue. The company’s income from other sources saw a sharp rise, further diversifying its revenue streams and strengthening its financial health.

However, challenges remain, including narrowing net losses, which stood at INR 160.38 crore in FY24. Much of this can be attributed to non-cash expenses, including a revaluation of a put option held by Unicommerce investors, amounting to INR 110 crore.

AceVector’s dual leadership appointments signal its commitment to reinforcing its presence in the value-driven segments of e-commerce and branded goods. While Snapdeal benefits from Setia’s expertise in scaling businesses and brand building, Stellaro will likely leverage Chakrawarti’s deep understanding of retail to expand its product portfolio and market reach.

The reshuffling of leadership also reflects the broader shifts in India’s e-commerce landscape, where consumer preferences and cost efficiencies play pivotal roles in shaping strategies. For AceVector, these appointments are not just about filling positions but driving focused growth across its business verticals.

As Setia steps into his role at Snapdeal, his challenge will be to sustain its financial discipline while pushing for innovation and market expansion. For Chakrawarti, the task at Stellaro will be to create a distinctive identity in a crowded marketplace.

AceVector’s strategic realignment of its leadership team positions it to better navigate the evolving consumer and retail landscape in India. With Snapdeal’s established value proposition and Stellaro’s potential for growth, the two CEOs will play crucial roles in steering the company’s future. The appointments reflect AceVector’s intent to strengthen its foothold in key markets while maintaining financial prudence and customer focus.