LimeRoad, a social discovery platform dedicated to women fashion and lifestyle, has announced that it has raised $30 million in Series C round of funding. Existing investor, Tiger Global Management led the funding round with Lightspeed Venture Partners and Matrix Partners India also participating in this round.
Last year, in May 2014, the company raised $15 million in Series B round of funding. With this freshly raised amount, the total funding of the company stands at $45 million.
The platform works on the concept of scrapbooks. (did you just got nostalgic about Orkut ? ) LimeRoad’s machine algorithms ranks scrapbook and displays the highest quality scrapbooks for users to find products and styles. Last month, the community posted more than 1.5 million scrapbooks, achieving 100x growth in less than a year.
It was founded in 2012 by Suchi Mukherjee, Prashant Malik and Ankush Mehra with an aim to become the most delightful and affordable lifestyle discovery platform in the country.
Suchi Mukherjee, Founder & CEO of LimeRoad, said,
We are revolutionizing the way lifestyle products are discovered and ultimately bought in India, and in doing so, we are changing social order. 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.
Social discovery platforms focused towards fashion have recently seen a surge in numbers. A similar service named Roposo, is another such platform which recently raised $5 million. Interestingly, both Roposo and Limeroad are backed by a common investor, Tiger Global.
A recent report by Google on India’s shopping trends, says that online shoppers in India are expected to reach 100 million by 2016. The report also claims that women outspend men by two times in larger cities, thus justifying the rising number of startups in the field.
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