Mumbai, India - May 6th, 2014: LimeRoad, India’s largest online social discovery platform for women, today announced that it has raised a Series B round of USD 15 Million led by Tiger Global, with participation from existing investors Lightspeed Venture Partners and Matrix Partners India.
The investment will help LimeRoad accelerate towards its mission of becoming the most delightful lifestyle discovery platform for women in the country, and comes on the back of LimeRoad’s launch of its ‘one-of-a-kind’ Android mobile app.
Suchi Mukherjee, Founder and CEO, LimeRoad, said: “We are revolutionizing the way lifestyle products are discovered and ultimately bought online in India, and are delighted to work with investor partners who share our hunger for winning and are supporters of our disruptive model to get there. India accounts for 20% of the world’s manufacturing of lifestyle products and we are convinced that conquering the discoverability of that wide array, needs new thinking and a fresh socially-architected approach. 90%+ of our 1,50,000+ products and looks are unique and user generated, and this is growing 30-40% per month. On average the community of LimeRoad users generate 3x more actions and page views per session on our platform versus any other alternative available to them in this market.”
“Our mobile traffic, most of which is organic, is growing at 45% month on month. With that as backdrop, we are today launching our Android Mobile App. We architected this App to be simple, addictive, with style updates every 30 seconds, and have made it the lightest app in its segment to address the hardware constraints of Indian users,” added Prashant Malik, co-founder & CTO.
Bejul Somaia, Managing Director, Lightspeed Advisory Services India, said: “We continue to invest behind what we believe is a truly exceptional team that consistently refuses to take short-cuts and instead focuses on finding scalable, long-term solutions to difficult problems. The LimeRoad team has already disproved many accepted notions in the world of Indian online commerce-for example that it is not possible to grow without offering heavy discounts or that Indian users aren’t savvy enough to embrace deep social activities like scrapbooking, curating collections or sharing.”
Avnish Bajaj, Managing Director of Matrix India, said: “LimeRoad is leading the social commerce revolution in India with a focus on winning the two biggest drivers of future online commerce marketplaces-women and mobile. The community of scrapbookers on LimeRoad is zealously passionate about the platform and reminds one of similar communities in scaled marketplaces like eBay. Suchi and Prashant have an exciting vision for the future of this platform and we are privileged to be partners in this journey. ”
LimeRoad is a fun and exciting way to discover, share and shop. The social-visual commerce platform targeted at the intelligent woman of today, aims to become the most delightful and affordable lifestyle discovery platform in the country. It hosts an incredible width of brands and stores, and offers consumers tools to curate and share collections, referred to as scrapbooks. The platform covers apparel, accessories including footwear and bags, as well as home and living. LimeRoad.com is a brand owned by A.M. Marketplaces Pvt Ltd.
About Matrix Partners India:
Matrix Partners India is an investment firm with INR 3,000 crore under management. The firm invests in companies targeting the Indian consumer market at the seed, early and early growth stages. The firm has invested in several market leading companies in the consumer technology space including Olacabs (online cab aggregator), Quikr (online local classifieds), Stayzilla (online hotel bookings), Mswipe (mobile POS), u2opia (mobile social), Verse/NewsHunt (vernacular mobile platform) among others. Matrix Partners has a global network of funds investing in the US, China and India with US $3 billion under management. Further information is available at www.matrixpartners.in