Indian fashion retailer V-Mart to acquire LimeRoad
19 Oct 22 1 min read
V-Mart is also "acquiring assets worth ₹14.61 crore and assuming current liabilities of ₹36.26 crore", which shall be subject to adjustments as mutually agreed between them, it added.
LimeRoad's net revenue in fiscal 2021-22 was ₹69.31 crore.
The company shall pay lump sum cash consideration of ₹31.12 crore, which shall be subject to adjustments as mutually agreed between the parties, the retail company said in the filing.
"Given the underlying strong unit economics post marketing, V-Mart plans to invest a total of ₹150 crore to enable LimeRoad to scale and achieve sustained profitability," V-Mart said in a statement.
V-Mart will operate LimeRoad as an independent business—65 per cent of which comprises the women segment—retaining its tech start-up culture and will retain the existing leadership of the latter.
Fibre2Fashion News Desk (DS)
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