V-Mart aims to expand omni-channel presence with acquisition of LimeRoad

LimeRoad is engaged in the business of owning, hosting, operating, managing and administering the LimeRoad mobile and web application-based marketplace platform. It acts as a facilitator between third-party sellers, venders and buyers of goods, and also provides ancillary services.

Over the last three years, LimeRoad's annual revenue has more than halved from nearly Rs 180 crore to just Rs 70 crore in financial year 2022. The transaction is expected to be completed in the next two months, subject to fulfilment of certain closing conditions.

At its peak, LimeRoad has delivered 2.5 lakh app downloads per day and achieved Gross Merchandise Value in excess of Rs 700 crore along with strong margins. Women contribute 65 percent to the overall business, which has a strong presence in the Rs 500 - Rs 1,000 segment.

Together, V-Mart & LimeRoad have the potential to become India’s fastest growing Omni-Channel value fashion retail platform, according to the exchange filing.

The company plans on operating LimeRoad as an independent business entity. CEO Suchi Mukherjee will join V-Mart has CEO of LimeRoad and head of the omni-channel operations, while Co-founder Ankush Mehra will continue as Chief Operating Officer.