LimeRoad was purchased by fashion retailer V-Mart Retail (V-Mart) for a payment of approximately Rs 31.12 crore. In order to scale and establish long-term profitability, the company also expects to invest Rs 150 crore, according to a regulatory filing.
2012 saw the founding of the LimeRoad startup in Gurgaon by Suchi Mukherjee, Ankush Mehra, and Prashant Malik. According to the firm, it recorded 1.7 million value shoppers and generated more than Rs 700 crore in gross merchandise value.
Tiger Global, Matrix, and Lightspeed were among the investors who supported LimeRoad, which had raised over $51 million in total.
“This cooperation helps us fundamentally solve the quality issue at value prices online, and accelerates our mission of making the freshest of fashion accessible to our core client through a uniquely rich online-offline experience,” said Suchi Mukherjee, founder and CEO of LimeRoad.
LimeRoad reported net sales of Rs 179.95 crore in 2019–2020, which fell to Rs 69 crore in 2021–2022, as per filings.
For this transaction, Saraf and Partners provided legal counsel to V-Mart while Metta Capital served as the only finance advisor.
Lalit Agarwal, managing director of V-Mart Retail, commented on the deal by saying, “V-Mart is one of the strongest companies in the value retail market satisfying fashion needs of masses in India. We hope to expand our Omni-channel competence with this acquisition in addition to acquiring millennials who are digital natives.
