V-Mart Retail Limited completed the acquisition of LimeRoad Business from A.M. Marketplaces Private Limited and others.
November 10, 2022
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V-Mart Retail Limited (BSE:534976) entered into business transfer agreement to acquire LimeRoad Business from A.M. Marketplaces Private Limited and others for approximately INR 310 million on October 17, 2022. The LimeRoad will continue to operate as an independent business unit. The acquisition is proposed to be funded from internal accruals. Suchi Mukherjee, the founder of LimeRoad will join V-Marts leadership team as Chief Executive officer of LimeRoad and the Omni-channel business whereas Ankush Mehra co-founder of LimeRoad continues as Chief Operations officer. The transaction is subject to fulfilment and completion of due diligence and closing conditions. V-Mart Retail Limited board approved the deal. The transaction is expected to complete in 60 days. Anil Kasturi and Anisha Shridhar of AZB & Partners acted as legal advisor to LimeRoad Business and M.A. Willmind Holdings Limited.
V-Mart Retail Limited (BSE:534976) completed the acquisition of LimeRoad Business from A.M. Marketplaces Private Limited and others on November 10, 2022.
V-Mart Retail Limited is an India-based retail store chain that offers readymade garments and accessories. The Company operates through two segments: Retail Trade, and Digital Marketplace. The Retail Trade segment is engaged in domestic sales to customers at stores. Digital Marketplace is engaged in the commission and other income by providing a Limeroad platform for vendors. It provides a range of apparel and accessories for men, women, boys, girls, and toddlers. Its general merchandise includes footwear, home furnishings, kitchenware, toys and games, bags and luggage, and crockery. Its Kirana bazaar includes fast-moving consumer goods (FMCG) products, packaged food items, beauty, and personal care, home care, and staple products. It operates through approximately 423 stores across 26 states. Its stores are located in states/cities, including Uttar Pradesh, Delhi, Bihar, Jharkhand, Haryana, Uttarakhand, Madhya Pradesh, and West Bengal.