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2 weeks ago

Exclusive: Ecommerce Platform LimeRoad Raises INR 11 Cr From MA Willmind Holdings – Inc42 Media

Ecommerce platform LimeRoad has raised INR 11 Cr from Mauritius-based MA Willmind Holdings. 

According to filings with the Ministry of Corporate Affairs (MCA) accessed by Inc42, the company had issued 13,974 equity shares at a face value of INR 10 per share and a premium of INR 7,905 per share, aggregating to a total amount of INR 11,06,10,000. 

Founded in 2012 by Ankush Mehra, Manish Saksena, Prashant Malik and Suchi Mukherjee, LimeRoad is an online fashion and apparel store. The website allows shoppers to buy according to material, brand, colour etc. and unlike the old guard of online retail, it facilitates discussions on products, purchases and their promotions through the viral route and the main thrust of the business relies on user-generated content, which separates it from other platforms like Myntra or Jabong.

Besides fashion and apparel, LimeRoad also offers home and kitchen products. Sellers on the platform can post their own collections, looks, videos, besides selling their products, marketing their brand and building their audience. 

The company’s last reported funding round was in 2015, a Series C round worth $30 Mn led by US-based investment firm Tiger Global Management. According to data on Crunchbase, the company has to date raised $50 Mn from five investors in three funding rounds. 

In July, Inc42 reported that around 1.29 Mn records of LimeRoad customers had been posted on the Dark Web for sale. 

While US-based cybersecurity firm Cyble had first investigated and announced the data leak, the company had called the allegations baseless. LimeRoad cofounder Suchi Mukherjee had said, “We have asked the poster of the darknet and the officer from the cybersecurity front to give us the data to validate. We have not received any further data. Given the current data points, we have no reason to believe these numbers belong to any of our customers.”

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