Content led eCommerce portal LimeRoad.com has raised USD 15 Million in Series B Funding, and it claims to be the largest Series B in the online space since 2011.
The investment was led by Tiger Global with USD 14 Billion assets under management, and also had existing investors Lightspeed Venture Partners and Matrix Partners India participating in it. The portal recognises the significant untapped potential of women and social-visual commerce, proven globally.
The investment will be used by LimeRoad for its future developments, and comes on the back of LimeRoad.com’s launch of its Android mobile app.
Suchi Mukherjee, Founder and CEO, LimeRoad.com, said: “… 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.”
Lightspeed Ventures explains why Limeroad.com excites investors
Both of its existing investors, Lightspeed and Matrix, are excited about the investment and have belief in Limeroad.com’s model. Lightspeed on its blog, shared the charts given below on user growth, supply growth, community activity (scrapbook creation) and marketing expense, explaining why it’s so keen
(In order to preserve confidentiality of company data, absolute scale is not provided in the graphs above. Base scale is sufficiently large that the above data is a representative indication of product-market fit, in LVP’s opinion)
“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.
The five reasons that Lightspeed gives for investing subsequently in Limeroad.com are as follows:
1. A truly exceptional team that refuses to take short-cuts and instead focuses on finding scalable, long-term solutions to difficult problems.
2. An early and intense focus on achieving product market fit.
3. Visual and social experiences are perfect for mobile.
4. A belief that differentiation will be increasingly driven by front-end experience.
5.A large profit pool.
Tiger Global already has Indian eCommerce companies like Flipkart, Myntra and Babyoye in its portfolio, now Limeroad is also under its umbrella. Looking at the recent events, Flipkart-Myntra’s expected merger is being brought about because of their common investors. Will this be another Myntra for Flipkart?
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