LimeRoad raises approx. USD 5 M Series-A funding
Mumbai, India - Oct 22, 2012: Matrix Partners India today announced that it has co–led a USD 5 million first institutional round of funding of the parent company of LimeRoad.com, with Lightspeed Venture Partners. LimeRoad.com operates an online social platform for women to discover, share and shop the best of lifestyle products. “We are on a journey to build the most extensive and engaging lifestyle platform ever. Our sole objective is to make the user experience on LimeRoad so delightful, that we become the destination for women to find gorgeous yet affordable products. In Matrix and Lightspeed we have found the right partners who have a deep understanding of the online sector in India.” said Suchi Mukherjee, Founder and CEO, LimeRoad. "Women in India contribute under 30% of the revenue for many leading sites today but will play a significantly larger role as they discover new brands and fashion trends online as has been the trend worldwide where they contribute a majority of shopping online. It is our privilege to be associated with Suchi Mukherjee and the team at LimeRoad who are building a highly differentiated curated shopping platform for the modern Indian woman.” said Avnish Bajaj, Managing Director, Matrix India. “We are thrilled to partner with the LimeRoad team to help bring this innovative shopping experience to women. We believe their focus on delivering a differentiated experience through a technology and design-led approach will shape the evolution of commerce in India.” said Bejul Somaia, Managing Director, Lightspeed Venture Partners. About LimeRoad.com: LimeRoad.com is a fun and exciting way to discover, share and shop. A social platform targeted at the intelligent woman of today, it has an incredible width of carefully selected retailers, enabling customers to discover the best of lifestyle products across categories like apparel, accessories, home and non-perishable food. The unique shopping experience allows you to shop-by-city, shop-by-brand, or shop-by-flagship store, where you can browse and connect with shops, brands and retailers of your choice. The eye-candy magazine format lets you effortlessly flip the pages. The proprietary scrapbook not only enables you to organize, share and shop all the beautiful things you find on LimeRoad.com, it also lets you flip through and get inspired by what others have discovered. LimeRoad.com is a brand owned by A.M. Marketplaces Pvt. Ltd. Suchi Mukherjee the founder & CEO of LimeRoad.com has previously been a senior executive at leading consumer internet companies such as eBay, Skype and Gumtree. www.LimeRoad.com 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 with initial investments ranging from 1 crore to 75 crore. The firm has invested in several market leading companies including Center for Sight (eye care chain), Muthoot Finance (gold loan NBFC), Quikr (online classifieds), Tree House Education (preschools), U2opia (social mobile apps), Ver se Innovation (mobile classifieds) and Twist Mobile (mobile games) 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 About Lightspeed Venture Partners: Lightspeed Venture Partners is a leading global venture capital firm with over $2 billion of committed capital under management. Lightspeed's investment professionals and advisors are located in Silicon Valley, India, Israel and China with Lightspeed China Partners. Lightspeed’s India-focused investments have included AskLaila, Dhingana, Fashionara, Indian Energy Exchange, Itzcash Card, OneAssist and TutorVista. Over the past two decades, Lightspeed has backed more than 200 companies, many of which have become leaders in their respective markets, including Blue Nile, Brocade, Ciena, DoubleClick, eHealth, Fusion-io, Informatica, Kiva Software, Kosmix, Link-A-Media, LivingSocial, Nicira, Playdom, Pliant, Riverbed Technology, Solazyme, TutorVista, Virsa Systems and XtremIO. For more information, visit Lightspeed at www.lsvp.com/india or follow on Twitter at @lightspeedindia.
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