Fashion retailer V-Mart Retail Ltd (V-Mart) has acquired Gurgaon-based e-commerce platform LimeRoad for Rs 31.12 crore. The company in a regulatory filing said it plans to invest Rs 150 crore in the next two to three years to scale and achieve sustained profitability.

LimeRoad had raised over $51 million altogether and was backed by investors including Tiger Global, Matrix, and Lightspeed among others.

Founded in 2012 by Suchi Mukherjee, Ankush Mehra and Prashant Malik, LimeRoad claims to sell its fashion products to 17 million buyers. The start-up achieved a gross merchandise value of more than Rs 700 crore, it said in a statement.

Suchi Mukherjee, founder and chief executive officer of LimeRoad said, “This partnership helps us fundamentally solve the quality conundrum at value prices online, and accelerate our vision of making the freshest of fashion accessible to our core customer through a uniquely rich online-offline experience.”

According to the filings, LimeRoad clocked net revenue of Rs 179.95 crore in 2019-2020 which dropped to Rs 69 crore in 2021-2022.

“With this acquisition, we aim to not only acquire digital-first millennials but also build our Omni-channel expertise,” Lalit Agarwal, managing director of V-Mart Retail, said in a statement.