ⓘ Featured image: A file-photo of Suchi Mukherjee, CEO of LimeRoad; Credits: Fortune India
One of India’s leading fashion e-commerce platforms, LimeRoad on Saturday, 17 October 2020, has raised INR 11 crore (around $1.49 Mn) from MA Willmind Holdings, a Mauritius-based venture capital firm. The news came first via Inc42 today.
As per LimeRoad’s filings with the Ministry of Corporate Affairs (MCA), accessed by Inc42, LimeRoad has issued 13,974 equity shares at a face value of INR 10 per share and a premium of INR 7,905 per share, aggregating to a total amount of INR 11,06,10,000.
Launched in 2012 by Suchi Mukherjee (CEO), Ankush Mehra, Manish Saksena, and Prashant Malik, LimeRoad is a fashion e-commerce marketplace that offers a spectrum of apparels, and accessories for both men and women. Until now, the company has able to establish itself among India’s legacy fashion e-commerce marketplaces. Users can explore and order fashion-related products on LimeRoad through its mobile app and website seamlessly.
Apart from fashion, LimeRoad has also recently tapped into home decor, household goodies, and many related items to suit the best interest of its user base. The company claims that its inventory is powered by user-generated content, and sellers can upload their own collections, pictures, and videos to market their brand on LimeRoad extensively – unlike most of the other e-commerce stores and LimeRoad’s competitors.
According to Crunchbase, LimeRoad prior to the latest round has raised $50 million disclosed investments from institutional investors including Lightspeed Venture Partners, Matrix Partners India, Tiger Global Management, and more. The last funding round for the company came in 2015 as a Series-C round of $30 million from Tiger Global. Notably, LimeRoad has relied lesser on funding when compared to other legacy e-commerce players in India.
On 1 July 2020, US-based cybersecurity firm Cyble reported that LimeRoad’s 1.29 million customer data was on sale on the dark web; but LimeRoad regarded the claim baseless – considering the fact that Cyble didn’t respond to LimeRoad’s request of sharing the leaked data for verification. Speaking of which Suchi Mukherjee said,
“We have asked the poster of the darknet and the officer from the cybersecurity front to give us the data to validate. We have not received any further data. Given the current data points, we have no reason to believe these numbers belong to any of our customers.”