New Delhi: Social commerce platform Limeroad has raised USD 30 million in Series C funding led by existing investors Tiger Global, Lightspeed Venture Partners and Matrix Partners India.
Limeroad has raised USD 30 million Series C funding following rapid growth in community engagement, scrapbook creation and revenue growth, the company said in a statement on Monday.
With this funding round, the company has raised a total of USD 45 million in the last one year.
Series C Round is the financing stage where the company has proved success in the market with a potential for a larger market, while Series B funding is required by the firm to scale up further. Series A is the first round of funding that a startup receives from venture capital firm.
"The uniqueness of Limeroad lies in the passionate user base and the mission of providing an engaging platform for smaller brands to thrive. We love this approach and are investing behind it and behind the team executing the strategy," Tiger Global Partner Lee Fixel said.
Limeroad was founded by Suchi Mukherjee, Prashant Malik and Ankush Mehra, who collectively have previously held leadership roles at eBay, Skype, Facebook, Samsung and Reliance Hypermarkets.
Limeroad Founder & CEO Suchi Mukherjee said, "We grew GMV (gross merchandise value) 600 per cent in the last 12 months, thanks to our passionate users who visited our app on average more than 38 times in the last six months. That's a delightful 76 times a year! As a result 80-85 per cent of our orders come from organic traffic."
Limeroad hosts an incredible width of brands and stores, and offers consumers tools to curate and share collections, referred to as scrapbooks.
"Smaller unique sellers from across the country are getting discovered, women from across the country are using scrapbooks as a medium of style expression, and millions of users are getting access to highly affordable and unique style," Mukherjee added.
