Fashion scrapbooking site LimeRoad raises $45mn in a year
Following rapid growth in community engagement, scrapbook creation and revenue growth, social discovery platform for women, LimeRoad said it has raised a Series C funding.
This new financing ramps up the total funds raised to $45 million in the past year and is within ten months of its Series B financing.
“Tiger Global Management, an existing investor, leads the new round with participation from existing investors Lightspeed Venture Partners and Matrix Partners India,” LimeRoad said in a press release.
Over the last year, LimeRoad has been steadily nurturing a community that takes products from thousands of sellers and shows users how to transform even the most basic white t-shirt into a style statement.
According to LimeRoad, the community posted more than 1.5 million style statements as ‘scrapbooks’ in the last month alone, with per day postings reaching over 100,000 and in the process achieving 100 per cent growth in less than a year.
Komal, a graphic design student in Delhi who has made 800 ‘scrapbooks’ says it is transformational and adds, “scrapbooking on LimeRoad makes me feel ultra stylish and it is a daily routine that is a release after a hard day.”
Suchi Mukherjee, co-founder said, “We are revolutionising the way lifestyle products are discovered and ultimately bought in India, and in doing so, we are changing social order.”
“Smaller unique sellers are getting discovered, women from across the country are using scrapbooks as a medium of style expression, and millions of users are getting access to highly affordable and unique style,” she added.
“We grew GMV 600 per cent in the last 12 months, thanks to our passionate users who visited our app on average more than 38 times in the last six months,” she informed.
“That’s a delightful 76 times a year! As a result 80-85 per cent of our orders come from organic traffic,” Mukherjee noted.
Lee Fixel, partner, Tiger Global said, “The uniqueness of LimeRoad lies in the passionate user base and the mission of providing an engaging platform for smaller brands to thrive.”
“We love this approach and are investing behind it and behind the team executing the strategy,” he too added by saying.
Bejul Somaia, managing director, Lightspeed Advisory said, “We continue to be highly supportive of LimeRoad.”
“This is a truly exceptional team that has already disproved many accepted notions in Indian online commerce as a result of which they are showing extraordinary organic traction,” he too observed.
Avnish Bajaj, MD at Matrix India, said, “The LimeRoad team is a unique combination of a crystal clear vision combined with sheer execution prowess. We continue to be amazed by their sheer passion, sharp thinking and their core engagement metrics.”
LimeRoad hosts an incredible width of brands and stores, and offers consumers tools to curate and share collections, referred to as scrapbooks.
The platform covers apparel, accessories including footwear and bags, as well as home and living.
Fibre2fashion News Desk - India