V-mart stated in a inventory alternate submitting it would pay a lumpsum of Rs 31.12 crore money, topic to mutually agreed changes by each events.
“As a part of the acquisition of LimeRoad enterprise, the corporate can also be buying belongings value roughly Rs 14.61 crore and assuming present liabilities of Rs 36.26 crore,” the retailer added.
The completion of the transaction is topic to mandatory approvals and shutting situations. Each corporations goal to leverage one another’s synergies and ship rising trend tendencies to their prospects by the acquisition. V-Mart additionally plans to take a position Rs 150 crore to assist LimeRoad scale and obtain sustained profitability.
“V-Mart is likely one of the strongest gamers within the worth retail phase. With this acquisition, we goal to not solely purchase digital-first millennials however construct our omnichannel experience. V-Mart will function LimeRoad as an unbiased enterprise unit, retaining its tech startup tradition.” stated Lalit Agarwal, managing director of V-Mart Retail Ltd.
LimeRoad’s founder Suchi Mukherjee will be part of V-Mart’s management group because the CEO of LimeRoad and its omnichannel enterprise, whereas cofounder Ankush Mehra will proceed as chief working officer.
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“V-Mart is a pacesetter within the price-meets-quality house. This partnership helps us basically resolve the standard conundrum at worth costs on-line, and speed up our goals of creating the freshest of trend accessible to our prospects by an online-offline expertise,” stated Mukherjee.
That is V-Mart’s second acquisition after the Limitless retailer model, which is purchased from Arvind Fashions.