A binding agreement has been inked by value-oriented retailer V-Mart to purchase discovery marketplace LimeRoad in a slump sale.
V-mart stated in a stock exchange statement that, subject to mutually agreed-upon changes by both parties, it will pay a lump payment of Rs 31.12 crore in cash.
“As part of the 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,” the retailer added.
The required permissions and closing requirements must be met for the transaction to be completed. By acquiring one another, the two businesses want to take advantage of their mutual synergies and provide their clients with the newest fashion trends. To assist LimeRoad in growing and achieving long-term profitability, V-Mart also intends to contribute Rs 150 crore.
“V-Mart is one of the strongest players in the value retail segment. With this acquisition, we aim to not only acquire digital-first millennials but build our omnichannel expertise. V-Mart will operate LimeRoad as an independent business unit, retaining its tech startup culture.” said Lalit Agarwal, managing director of V-Mart Retail Ltd.
Suchi Mukherjee, cofounder of LimeRoad, will join the executive team of V-Mart as the CEO of LimeRoad and its omnichannel business, while Ankush Mehra will stay on as COO.
