Friday, March 29, 2024
Outlook.com
Outlook India
Outlook Business

Thrasio Divests Stake In Lifelong, Signals To Exit India

The company will now work as an active investor and a strategic partner for Lifelong Online

Thrasio Divests Stake In Lifelong, Signals To Exit India
POSTED ON May 19, 2023 11:57 AM

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. 

  • Related Articles

    Unlike the previous drives, the jurisdictional officers are empowered not only to verify but also to suspend the licenses during the drive, which is worrying smaller e-commerce retailers

    Suspending GST Licenses Of Genuine Sellers Could De-Rail National Drive Against Fake GST Registrations

    Byju’s Alpha is facing a lawsuit in Delaware court about the company's control, after lenders claimed that it had defaulted on its payments

    Creditors Allege Byju’s Alpha Hid Around $500 Million: Report

    The shipping aggregator can leverage India Post's network of 156,434 post offices nationwide to provide shipping services to over 80,000 online sellers

    Nimbuspost Partners With India Post To Boost Order Fulfilment