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LimeRoad, which was based as a girls’s vogue market in 2012, earlier than on-line buying turned mainstream in India, has been acquired by V-Mart in a misery sale. The worth vogue retailer has shelled out a bit over Rs 31 crore in an all-cash deal for the Tiger World-backed startup. V-Mart will pour in an extra Rs 150 crore to increase its omnichannel presence by way of LimeRoad’s platform and its 1.7-crore buyer base.
The stoop sale comes at a worth that’s lower than one-tenth of the full funding raised by LimeRoad in 10 years of its existence. Moreover Tiger World, the erstwhile social buying sensation was additionally backed by Matrix Companions India and Lightspeed Enterprise Companions, amongst others. In its glory days between 2012 and 2015, LimeRoad raised $50 million throughout three rounds, adopted by a smaller infusion of $1.5 million in 2020 from undisclosed buyers, in response to Tracxn.
Nevertheless, as bigger on-line vogue marketplaces like Myntra, Ajio, and even Flipkart Trend and Amazon Trend took over, smaller, vertical-focused gamers like YepMe, Voonik, LimeRoad, koovs, and Jabong (acquired by Myntra in 2016) began shedding out. As LimeRoad struggled with womenswear, it ventured unsuccessfully into menswear and kidswear, added non-fashion classes like residence and kitchen utilities, and even opened bodily experiential shops. However, its losses continued to balloon, revenues declined, and funding dried up. LimeRoad reported gross sales of Rs 69 crore in FY22, down over 61 per cent from FY20.
Following V-Mart’s acquisition, LimeRoad will proceed to function as an impartial unit beneath the corporate such that its “startup tradition” and is retained, V-Mart’s Retail Managing Director Lalit Agarwal mentioned in an announcement. “With this acquisition we purpose to not solely purchase digital-first millennials however construct our omni-channel experience,” he added.
V-Mart presently operates 410 worth retail shops in 254 cities, and hopes to turn out to be an omni-channel participant within the subsequent two to a few years. LimeRoad Co-founder and CEO Suchi Mukherjee will be a part of V-Mart’s management crew because the CEO of its omni-channel enterprise, whereas its different co-founder Ankush Mehra will proceed because the COO of LimeRoad.
“V-Mart is a frontrunner within the worth meets high quality house. This partnership helps us essentially remedy the standard conundrum at worth costs on-line, and speed up our imaginative and prescient of constructing the freshest of vogue accessible to our core buyer via a uniquely wealthy online-offline expertise,” Mukherjee mentioned in an announcement.
On-line vogue is predicted to turn out to be a $30 billion market within the subsequent 5 years, and continues to be one of many largest classes of e-commerce.
Additionally Learn: Coolest Begin-ups 2015: Why LimeRoad.com is a robust candidate for the lengthy haul
Additionally Learn: September Slowdown: Startup funding plunges 83% year-on-year, solely 2 unicorns added
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