LimeRoad raises $ 15 million in Series B
Online social discovery platform for women LimeRoad , on Tuesday 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, the company said in a statement.
It said this comes on the back of LimeRoad's launch on 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," Mukherjee said.
"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 for this platform and we are privileged to be partners in this journey. "
(Posted on 07-05-2014)