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LimeRoad sports $15 million in a Series B round allocated for new Android App
India-based LimeRoad, a social ecommerce platform targeting women, lands a $15 million Series B funding round led by Tiger Global on Tuesday. Other participants include Lightspeed Venture Partners and Matrix Partners India.
The company plans to use the new infused funds to accelerate its growth internally from the website to the Android App launched yesterday following a 45% growth pattern each month. The new app will give them access to the 100 million android users in India.
Suchi Mukherjee, Founder and CEO, explains the business concept: "We are revolutionizing the way lifestyle products are discovered and ultimately bought online in India, and are delighted to work with investor partners who share our hunger for winning and are supporters of our disruptive model to get there.
India accounts for 20 per cent of the world's manufacturing of lifestyle products and we are convinced that conquering the discoverability of that wide array needs new thinking and a fresh socially architected approach."
Suchi continues to explain the fleet in the venture as one with caution going through all the steps: "We continue to invest behind what we believe is a truly exceptional team that consistently refuses to take short-cuts and instead focuses on finding scalable, long-term solutions to difficult problems.
Bejul Somaia, Managing Director at Lightspeed Advirsory services India compliments their achievement in eCommerce breaking many stereotypes on the business: "For example, that it is not possible to grow without offering heavy discounts or that Indian users aren't savvy enough to embrace deep social activities like scrapbooking, curating collections or sharing."
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