Online fashion retailer LimeRoad hires former ibibo CFO
Online fashion retailer LimeRoad has hired Pankaj Jain as chief financial officer (CFO).
Jain was CFO at ibibo Web for over eight years, according to a statement issued by LimeRoad today.
Jain was part of the founding team of the online travel business Goibibo in 2009 and played a key role in the acquisition of bus ticketing platform redBus in 2013.
While ibibo agreed to a merger with online travel platform MakeMyTrip in 2016, they continue to operate as separate entities.
“Pankaj brings 20+ years of experience and was part of the goIbibo journey from the early days right through to the merger with MakeMyTrip,” Suchi Mukherjee, CEO, LimeRoad, said in the statement. “Over the last 10 years, he saw the highs and the lows and knows what it feels like to be a highly ambitious challenger brand. We hit it off - he is a straight shooter, and still very hungry and eager to build greatness and I love that about him.”
Founded in 2012, LimeRoad had raised $30 million (Rs 188 crore then) in Series C round of funding from existing investors Tiger Global, Matrix Partners and Lightspeed Venture Partners in 2015. Owned and operated by Gurugram based A.M Marketplaces, the platform managed to narrow losses for the financial year 2017-18.
“LimeRoad is on the path to profitability and this is just the right time for me to be a part of the top management at LimeRoad and help the business grow,” Jain said.
LimeRoad, which started out as an online social commerce platform, has 400,000 women as community members who create and design looks which can be shopped. The platform has also announced an entry in the offline space with 3,000 stores to be set up over a period of two to three years.