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Matrix, Lightspeed invest $5m in

24 Oct 2012

Matrix Partners and Lightspeed Venture Partners have taken part in a $5m financing round for innovative shopping and fashion website

The magazine-style e-commerce platform provides women with a selection of clothing, accessories, homeware and non-perishable foods, which they can buy through the site.

Matrix India managing director Avnish Bajaj said, “Women in India contribute under 30 per cent of the revenue for many leading sites today but will play a significantly larger role as they discover new brands and fashion trends online, as has been the trend worldwide where they contribute a majority of shopping online.

“It is our privilege to be associated with Suchi Mukherjee and the team at LimeRoad who are building a highly differentiated curated shopping platform for the modern Indian woman.”

Lightspeed managing director Bejul Somaia added, “We believe [Limeroad’s] focus on delivering a differentiated experience through a technology and design-led approach will shape the evolution of commerce in India.”

Matrix Partners is also understood to be considering investing in Indian eyecare company Centre for Sight, which is targeting firms for a $27m stake sale.

Actis, KKR and Multiples Alternative Asset Management are also reported to have been invited for talks, as has Singapore sovereign wealth investor Temasek.

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