In a recent development New York-based Tiger Global investors which has investments in Flipkart and Myntra, is leading a $15 million round in LimeRoad, a social shopping portal focused on women and fashion.
Besides Tiger Global, LimeRoad will see existing investors Matrix India and Lightspeed Venture Partners will also participate in the second round of funding. Back in 2012, Matrix, along with Lightspeed, had invested $5 million in LimeRoad.
Speaking on the fresh round of investment Suchi Mukherjee, founder and CEO of LimeRoad, states that the investment will help LimeRoad accelerate its growth backed by the mobile adoption by the company.
Mukherjee further added that more than 90 per cent of its 1,50,000 plus products and looks are unique and user generated, and this is growing by 30-40 per cent per month. Besides the company is seeing a strong growth in the mobile section as traffic grew by 45 per cent month on month. This growth has also surged due to the company’s recent launch of Android Mobile App.
According to Mukherjee, India accounts for 20 percent of the world’s manufacturing of lifestyle products and LimeRoad is convinced to conquer the discoverability of wide array of needs which requires new thinking and a fresh socially architected approach.
Marketplaces have to be socially driven with the power of mobile. While we are yet to have a look at the Android app of LimeRoad, the fresh round of funding and investor confidence will allow LimeRoad to compete with bigger players like eBay among others.