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2015-03-30

Matrix Partners backed e-tailer firm LimeRoad raises $30 million

The new round is led by Tiger Global, with participation from Lightspeed Venture Partners and Matrix Partners India.

LimeRoad, India’s largest scrapbooking and online social discovery platform for women has announced that it has raised $30 million in Series C round 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 $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 plus, achieving 100 x growths 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 and CEO, LimeRoad, 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 per cent of our orders come from organic traffic,” he added.
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, MD, 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, MD, 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.”

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