Matrix, Lightspeed invest $5M in social commerce firm LimeRoad
Matrix Partners India and Lightspeed Venture Partners have coâ€“led a $5 million round of funding in A.M. Marketplaces Pvt Ltd, the parent company of social commerce platform LimeRoad.com. The company operates an online social platform for women to discover, share and shop lifestyle products.
LimeRoad.com, part of Matrix Partners' seed programme along with mobile applications firm Twist Mobile, provides lifestyle products across categories like apparel, accessories, home and non-perishable food. The website allows you to shop-by-city, shop-by-brand, or shop-by-flagship store.
The founding team at the firm is lead by CEO Suchi Mukherjee, who has been a senior executive at leading consumer internet companies such as eBay, Skype and Gumtree. Other co-founders include Manish Saksena, ex-COO of Tommy Hilfiger India and Ankush Mehra, former head of supply chain at Reliance Hypermarkets.
"Women in India contribute under 30 per cent of the revenue for many leading sites today but will play a significantly larger role as they discover new brands and fashion trends online as has been the trend worldwide where they contribute a majority of shopping online," said Avnish Bajaj, Managing Director, Matrix India.
"We believe their focus on delivering a differentiated experience through a technology and design-led approach will shape the evolution of commerce in India," said Bejul Somaia, Managing Director, Lightspeed Venture Partners.
While unlike other peers, Matrix Partners has not been aggressively betting on e-commerce but was an early investor in online classifieds firm Quikr. Lightspeed on the other hand has invested in firms like Craftsvilla.com, an online handicraft e-commerce portal and lifestyle e-store Fashionara.
(Edited by Prem Udayabhanu)