LimeRoad, an Indian social-shopping platform aimed at women, has just managed to raise Rs 185 crore in a fresh round of funding meant to drive its growth further. Founded by former Facebook and eBay executives, this website has achieved this influx of investment mainly from Tiger Global Management.
Rs 185 crore is a huge amount, and hence speaks a lot about the way the market is expected to take shape in the coming years. Since LimeRoad happens to be a fashion store catering to women, the female audience is most definitely being seen as a force that will drive the next wave of growth for online retailers in India.
Apart from Tiger Global Management, this round of investment was also participated in by Lightspeed Venture Partners and Matrix Partners India, according to The Economic Times. All three firms are returning investors which had also taken part in previous funding rounds that have resulted in the grand total having reached a whopping Rs 310 crore.
Apparently, the valuation of LimeRoad has suddenly spiked by four to five times as compared to what it was during the previous round of funding around 10 months ago. Although the company is yet to disclose specific numbers, it is being said that the its annualized gross merchandise value (GMV) has increased by 600 percent in the last 10 months to Rs 200 crore.
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The above mentioned source has also told us that the company’s user base has tripled to around 3 million during the same time period. The two-year old site has certainly grown at a pretty fast rate, judging by those numbers.
And with India’s online retail market expected to cross the $100 billion milestone by 2020, LimeRoad indeed has a great future lined up for it.