LimeRoad (1), an ecommerce platform, has secured 11 Crore INR from MA Willmind Holdings, a Mauritius based firm.
According to the MCA, Ministry of Corporate Affairs filings, the company has allocated 13,974 equity shares at the valuation of 10 INR and a premium of 7,905 INR per share. It aggregates to a total amount of 11,06,10,000 INR.
Ankush Mehra, Manish Saksena, Prabhat Malik, and Suchi Mukherjee founded the online fashion and apparel store, LimeRoad, in 2012. It allows shoppers to purchase products as per brand, material, color, etc.
The last funding round of the company, Series C was in 2015 worth 30 million USD. The US-based investment firm Tiger Global Management led the previous fundraising. To date, the company has secured 50 million USD from five investors in three funding rounds.
How LimeRoad Stands Out from Other Online Retail Platforms?
The main thing that makes it stand out from other old guards online retail such as Myntra and Jabong is that it allows customers to discuss the products, purchases, and promotions. Their primary business promotion relies on user-generated content.
Apart from fashion and apparel, LimeRoad also offers kitchen and home products. Moreover, it allows sellers to post their collection, videos, looks, besides selling products, which enables them to market their brand and build an audience.
The US-based cybersecurity firm had announced the data leak of 1.29 million records of LimeRoad customers. However, the team had called these allegations baseless. While commenting on the matter, Suchi Mukherjee, CO-founder of LimeRoad, stated that they had sought data to validate from the darknet poster and cybersecurity officer. However, they did not receive any further data. Hence the team has no reason to believe that the data belongs to their customers.