Gurgaon based LimeRoad, an online shopping platform for women’s fashion and home furnishings, has raised Series C funding worth Rs 185 crore led by Tiger Global, with participation from Matrix Partners and Lightspeed Ventures, reports ET Tech. The funds will go towards scaling up and building on the platform. The company had raised a Series B funding of $15 million in May last year and a Series A funding of $5 million in 2012 from the same investors. This totals the company’s funding to $45 million.
User-generated content drives the platform:
The company claims that almost all of LimeRoad’s content is user-generated through scrapbookers or vendors. Users can combine clothes and accessories, engage with other users and buy from “look books”. The company claimed that users of its platform had created 1.5 million “looks” last month, which was an increase of over 100 times from 10 months before. It adds that users were coming to its platform 7 times a month and its click through rates (CTR) and conversion rates were 3 times higher for “looks” than they were for users clicking on standalone products.
The company claims that the actual value of goods sold on the platform has increased by 600% and the user base by thrice to 3 million in the last year. It added that 80-85% of their orders were coming through organic traffic. LimeRoad claims that 60% of their transactions are made through mobile and are expected to reach 80% shortly. It adds that its users visited the app 38 times more in the last 6 months.
Social media integrated shopping:
Marketplace model LimeRoad was founded by Suchi Mukherjee, Ankush Mehra and Prashant Malik in 2012. Aimed at women, it lets users purchase, create and curate products on the site, while also letting them interact via social media on the site. Users can create catalogs from the available products to categorise them into “looks”. Through the scrapbook, users can purchase standalone products or the entire look. In 2013, the company introduced a “Create and Earn” initiative which let its users earn money from their scrapbooks. At the time of its previous funding in May 2014, the company had also released an Android app.
Note: This post has been updated with details from the company