Founded in 2012, LimeRoad claims to sell its fashion products to 17 Mn buyers. The startup claims to deliver gross merchandise value (GMV) of more than INR 700 Cr at consistently strong contribution margins after marketing costs. Fashion retailer V-Mart Retail on Monday said it would acquire Tiger Global backed e-commerce startup LimeRoad in an all-cash deal of INR 31.12 Cr on a slump basis. As part of the deal, V-Mart would acquire the fashion marketplace’s assets worth about INR 14.61 Cr and assume its current liabilities of INR 36.26 Cr.
Given the underlying strong unit economics of LimeRoad, V-Mart plans to make a total investment of INR 150 Cr to help the startup scale further and achieve sustained profitability, the fashion retailer said in a release.
“With this acquisition, we aim to not only acquire digital-first millennials but build our omnichannel expertise,” said Lalit Agarwal, managing director of V-Mart Retail.
Founded in 2012, LimeRoad claims to sell its fashion products to 17 Mn buyers. The startup claims to deliver gross merchandise value (GMV) of more than INR 700 Cr at consistently strong contribution margins after marketing costs. Over the years, it raised close to $50 Mn from investors such as Lightspeed Venture Partners, Matrix Partners India, and Tiger Global Management.
