Thrasio has signaled a withdrawal from India by selling its stock in LifeLong, a maker of consumer goods. By purchasing the business with its headquarters in Gurugram in January 2022, the US-based marketplace roll-up entered the nation.
The company’s other investors Tanglin Venture and Hero Enterprise Partner Ventures, as well as longtime co-founders Bharat Kalia, Varun Grover, and Atul Raheja, increased their stake by purchasing a portion of Tharsio’s stake.
According to a press release from the company, Thrasio will continue to be a strategic partner and active investor in Lifelong Online.
The majority of Thrasio’s ownership in Lifelong has been divested, according to media reports, because the company failed to make certain payments to Lifelong and its investors as required by the agreement, despite the fact that the company did not disclose the precise amount of holding that was divested in Lifelong.
“…One thing that will remain unchanged is the strong commercial and strategic partnership between Lifelong and Thrasio,” said a Lifelong spokesperson.
Unknown to most people, Thrsio buys and grows brands that sell on Amazon. The company had a respectable plan for India, but in the second half of 2022, it decided to shift its strategy and put more of an emphasis on the US market. Additionally, the company let go of 20% of its workforce to reduce costs.
Blue-chip investors such as Silver Lake, Advent International, Upper90, and Oaktree contributed roughly $3.4 billion to Thrasio.