It’s currently not clear what they plan to do with this investment. We are currently awaiting a response from LimeRoad for more details on this.
Prior to this, LimeRoad had raised around $5 million in Series A funding from Matrix Partners and LightSpeed Ventures in October 2012, when the site was launched.
What they do: LimeRoad is a social e-commerce platform aimed at women. It lets users purchase, create and curate lifestyle products available on the site. The website has combined a shopping platform with social media, where users can communicate with each other.
In other words, LimeRoad allows users to create a catalog – like a wishlist – from the available products on the website and categorize them into different looks. Once a user organizes a scrapbook, they have an option to purchase each product or the entire look. They can also share it with other LimeRoad users and their social media connections and earn money while they’re at it. This is model similar to Polyvore’s in the US. LimeRoad works on a marketplace model and features some retail brands that are not available offline.
Limeroad Android app: Coinciding with this announcement, Limeroad also mentioned that it has released an Android app which allows users to discover new products, scrapbooks & magazine pages on their mobile phones and share it with their friends on Facebook, WhatsApp and Twitter among others. It also allows users to follow specific brands and other Limeroad users.
Competition: The new round of funding is a significant push for a relatively new e-commerce platform competing with established players like Myntra, Jabong, Flipkart and Zovi. It is worth noting that Tiger Global has also invested in some of the competitors – Flipkart and Myntra.