The Business Bytes
TBB BUREAU
NEW DELHI, OCT 18, 2022
In a bid to strengthen its omni-channel strategy and leverage on synergies to deliver emerging fashion trends to digital-first shoppers, value-fashion retailer V-Mart Retail Ltd has signed a definitive agreement to acquire online fashion marketplace LimeRoad.
As per the regulatory filings, V-Mart said it will pay lump-sum cash consideration of Rs 31.12 crore subject to mutually-agreed adjustments by both parties. “As part of acquisition of LimeRoad business, the company is also acquiring assets worth approximately Rs 14.61 crore and assuming current liabilities of Rs 36.26 crore,” it added.
“Given the underlying strong unit economics post-marketing, V-Mart plans to invest a total of Rs 150 crore to enable LimeRoad to scale and achieve sustained profitability,” the company said in a statement.
V-Mart Retail Ltd Managing Director Lalit Agarwal said, “With this acquisition, we aim to not only acquire digital-first millennials, but build our omni-channel expertise. V-Mart will operate LimeRoad as an independent business unit, retaining its tech start-up culture.”
LimeRoad Founder Suchi Mukherjee will join V-Mart’s leadership team as CEO of LimeRoad and lead the company’s omni-channel business.
