New Delhi: Retail store chain V-Mart to acquire online marketplace Limeroad and invest Rs 150 crore to scale the etailer and achieve sustained profitability, the companies said in a press release on Monday.
According to the release, in this partnership, the companies will combine LimeRoad’s fashion quotient, logistics efficiency, technology and data with V-Mart’s strong retail presence through 410 stores across tier 2, 3, and 4 cities to build a profitable omni-channel value fashion retail platform.
“With this acquisition we aim to not only acquire digital first millennials but build our omni-channel expertise,” commented Lalit Agarwal, Managing Director, V-Mart Retail.
Post-acquisition, Limeroad will operate as an independent business unit, retaining its tech start-up culture, highlighted Agarwal.
Limeroad’s founder, Suchi Mukherjee will join V-Mart’s leadership team as CEO, LimeRoad and omni-channel business. While Ankush Mehra, co-founder of LimeRoad will continue in his role as the COO of the marketplace.
“V-Mart is a leader in the price meets quality space. This partnership helps us fundamentally solve the quality conundrum at value prices online, and accelerate our vision of making the freshest of fashion accessible to ourcore customer through a uniquely rich online-offline experience,” said Mukherjee on the acquisition.
Metta Capital acted as the financial advisor and Saraf and Partners acted as the legal advisor to V-Mart for this transaction.