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Matrix Partners India-backed LimeRoad raises $30M

Matrix Partners India-backed LimeRoad raises $30M Mumbai, India – March 30th, 2015: LimeRoad, India’s largest scrapbooking and online social discovery platform for women, today announced that it has raised USD 30 Million in Series C financing following rapid growth in community engagement, scrapbook creation and monetization. This raise is within ten months of its Series B financing, ramping up total funds raised to USD 45 Million in the past one year. The new round is led by Tiger Global, with participation from existing investors Lightspeed Venture Partners and Matrix Partners India. Over the last year, LimeRoad has been steadily nurturing a unique hyperactive community that takes products from thousands of sellers from across the country, and shows users how to transform even the most basic white t-shirt into a style statement. The community posted more than 1.5 million style statements as “scrapbooks” last month alone, with per day postings reaching 100,000+, achieving 100x growth in less than 12 months. LimeRoad was founded by Suchi Mukherjee, Prashant Malik and Ankush Mehra who previously held leadership roles at eBay, Skype, Facebook, Samsung and Reliance Hypermarkets. Suchi Mukherjee, Founder & CEO said: “We are revolutionizing the way lifestyle products are discovered and bought in India, and in doing so, we are changing social order. Smaller unique sellers from across the country are getting discovered, women from across the country are using scrapbooks as a medium for self-expression, and millions of users are getting access to highly affordable and unique style.” “We grew GMV 6x in the last 12 months, thanks to our passionate users who visited our app over 38 times in the last six months. As a result 80-85% of our orders come from organic traffic.” Lee Fixel, Managing Partner, Tiger Global, said: “The uniqueness of LimeRoad lies in the passionate user base and the mission of providing an engaging platform for smaller brands to thrive. We are delighted to support this mission and the team that is making it a reality.” Bejul Somaia, Managing Director, Lightspeed Advisory Services India, said: “We continue to be highly supportive of LimeRoad. This is a truly exceptional team that has already disproved many accepted notions in Indian online commerce as a result of which they are showing extraordinary organic traction.” Avnish Bajaj, Managing Director of Matrix India, said: “The LimeRoad team is a unique combination of a crystal clear vision combined with sheer execution prowess. We continue to be amazed by their sheer passion, sharp thinking and their core engagement metrics.” About LimeRoad: LimeRoad is a fun and exciting way to discover, share and shop. The social commerce platform is 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 Quikr (online classifieds), Ola (local transportation marketplace), Stayzilla (hotels and alternate accommodations marketplace), LimeRoad (mobile social commerce marketplace), Newshunt (mobile local language platform), MSwipe (mobile POS), Practo (doctor search engine), WeAreHolidays (outbound travel marketplace) and Woo (social dating) 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

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