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Matrix, Lightspeed invest $5m in India's LimeRoad

  • Andrew Woodman
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Matrix Partners and Lightspeed Venture Partners have invested $5 million in Series A funding for LimeRoad.com, a social commerce site aimed at women in India.

The site, which went live on October 18, has a magazine-style layout through which visitors can peruse details on a range of apparel, accessories, home and food items that can be shared through social networks like Facebook.

"We are on a journey to build the most extensive and engaging lifestyle platform ever. In Matrix and Lightspeed we have found the right partners who have a deep understanding of the online sector in India." said Suchi Mukherjee, founder and CEO of LimeRoad, in a statement.

According Avnish Bajaj, managing director of Matrix India, women in India account for less than 30% of the revenue for leading websites but they are expected to play a larger role as they discover new brands and fashions online.

Matrix makes early and growth-stage investments of up to $30 million, targeting domestic companies in areas such as digital, mobile, education, financial services, healthcare and infrastructure. In July it established a new program to support Indian start-ups in the internet and mobile sectors.

Lightspeed invests in cleantech, communications, media and internet. In May, it participated in a Series A round of funding for Tujia.com, the first online vacation rental services provider in China.

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