V-Mart Retail Ltd. (V-Mart), India’s leading value fashion retailer, has signed a definitive agreement to acquire LimeRoad the freshness-first discovery marketplace built for the value-seeking aspirational Indian.
Through this the Companies will leverage clear identified synergies and deliver emerging fashion trends at unbeatable value to 5 cr. digital first Shoppers of Bharat (Online and offline), a statement said.
At peak, LimeRoad has delivered 250,000+ app downloads per day, had a #3 All India Shopping Play Store ranking, and achieved GMV of Rs. 700+ crore at consistently strong margins, post marketing costs. Women contribute to 65% of the business, with strong presence in the Rs. 500-1000 segment, according to the statement.
Commenting on the transaction Lalit Agarwal, Managing Director of V-Mart Retail Ltd said “V-Mart is one of the strongest players in the value retail segment fulfilling fashion needs of masses across India. With this acquisition we aim to not only acquire digital first millennials but build our Omni-channel expertise.”
“We are proud to bring LimeRoad to the V-Mart family. Suchi and the team have proven their ability to grow and scale a marketplace business while delivering best-in-the-industry metrics. V-Mart will operate LimeRoad as an independent business unit, retaining its tech start-up culture”. Suchi Mukherjee, the founder of LimeRoad joins V-Mart’s leadership team as CEO of LimeRoad & the Omni-channel business & Ankush Mehra co-founder of LimeRoad continues as COO.
Speaking on this acquisition, Suchi Mukherjee, Founder & CEO of LimeRoad said: The Value Customer has a high bar of prices meets style-aspiration meets quality. “V-Mart is a leader in the price meets quality space. This partnership helps us fundamentally solve the quality conundrum at value prices online, and accelerate our vision of making the freshest of fashion accessible to our core customer through a uniquely rich online-offline experience. This is a large market, expected to grow at 39% CAGR over the next 5 years. Excellent execution is key to sustained share and value creation.”
The completion of the transaction is subject to necessary approvals and customary closing conditions. Metta Capital acted as an exclusive financial advisor and Saraf and Partners acted as legal advisor to V-Mart for this transaction.
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