Style may be eternal, but fashion-commerce ambitions are definitely not. Just this week, Tiger Global-backed LimeRoad entered a long list of startups in the space to throw in the towel.
The company, founded in 2012, agreed to be acquired by value retailer V-Mart for about $4 million (Rs 32 crore). It’s pretty much a distress sale, given that LimeRoad’s lifetime funding tally is $52 million.
With this deal, V-Mart can scale up its omnichannel play in the value-fashion segment. It owns 410 departmental stores and intends to turn the ones in smaller cities into local-experience centres. In FY22, V-Mart had revenues of Rs 1,680 crore with a profit of Rs 11.64 crore.
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