Startup City Magazine

LimeRoad Raises $30 Million in Series C Round

Bangalore: Gurgaon based an online shopping platform for women’s fashion and home furnishings, the startup social commerce, raises $30 million in Series C round of funding from Tiger Global. Matrix Partners and Lightspeed Venture Partners also participated in the round of funding. The funds will upgrade scaling and building on the platform. The company had raised its Series A funding of $5 million in 2012 and Series B funding of $15 million in May last year from the same investors.

 LimeRoad was founded by Suchi Mukherjee – who brings in a rich experience of working with companies like Skype - along with Manish Saksena, Ankush Mehra and Prashant Malik in 2012. Being one of the nurturing hyperactive communities, the company aims to bring the best products from thousands of sellers to help you shop in a mesmerizing way. It lets users purchase, create and curate products on the site interact via social media. LimeRoad posted more than 1.5 million style statements last month as 'scrapbooks' where users can create catalogs from the accessible products to categories, while users can purchase standalone products or the entire look.

Since 2013, the company allows its users to earn money from their scrapbooks through a scheme called 'create and earn'. The company has also released an Android app since May 2014. Today, LimeRoad's gross merchandise value (GMV) grew 7 times larger in the last 12 months and app usage has grown more than 38 times more in the last six months.

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