Thrasio, a US-based marketplace has signaled its exit from India. According to a report by Entrackr, the company has divested its stake in the consumer-durable company Lifelong.
Sources said that the development came after the US-based roll-up firm failed to meet its investment commitments. While acquiring, the company promised certain payments to Lifelong and its investors. However, they failed to fulfil that because of the economic headwinds.
“That capital infusion has not come through as Thrasio has changed its focus globally and won't be looking at the India market any longer as a major focus,” a person, aware of the development, told the Economic Times (ET).
According to a release the company will now work as an active investor and a strategic partner for Lifelong Online. It started its venture in India in 2022 with the acquisition of the Gurgaon-based start-up.
However, it has not disclosed the amount of stake it divested. According to a release, Lifelong’s founders, Bharat Kalia, Varun Grover and Atul Raheja, now own 60 per cent of the company. Additionally, its existing investors Tanglin Venture Partners and Hero Enterprise Partner also increased their shareholding in the company.
“Existing investors Tanglin Venture Partners and Hero Enterprise Partner Ventures have also increased their ownership in Lifelong Online. Thrasio will continue to be an active investor and a strategic partner of Lifelong Online,” a statement claimed.