Thrasio Holdings, Inc. has acquired a majority stake in Lifelong Online, backed by Hero Group, through which it will acquire “promising digital brands” in India, the company said Friday. The company is doing a $Rs 3,750 crore pledge to acquire brands in the country, the company added.
“In addition to acquiring and growing digital businesses, we plan to participate in the ‘Make in India’ movement by transitioning the manufacture of some of our products to the country,” said Carlos Cashman, CEO of Thrasio, in a statement.
Thrasio aggregates brands in Internet markets to generate synergies and achieve scale. Its successful business model has spawned a number of copycat business models that raise significant funds from venture capital firms in India.
Globally, Thrasio has acquired more than 200 brands worldwide and raised more than $ 3.4 billion in financing, the company said. “India is a unique market with hundreds of thousands of motivated entrepreneurs,” Cashman continued. “We are delighted to provide brand owners with the opportunity to successfully sell their businesses, as well as giving consumers greater access to quality products,” said Cushman.
Lifelong Online is backed by Tanglin Venture Partners and Hero Group’s Hero Enterprise Investment Office; both investors will continue to have a stake in the business.
Tanglin Venture Partners, an early-stage technology-focused venture capital firm, was the first institutional investor in Lifelong Online. Led by a team of former Tiger Global leaders and former Flipkart, Tanglin invests in sectors including SaaS, fintech, B2B commerce, consumer technology, healthcare technology and more, and has a portfolio of more than 20 companies in India and Southeast Asia. the statement said.
Hero Enterprise Investment Office actively invests in growth-stage companies driven by innovation in sectors including financial services, healthcare, omnichannel consumer businesses and new age technology companies.
“We are building a next-generation consumer goods company that puts technology first,” said Bharat Kalia, CEO of Lifelong Online. “Thrasio’s acquisition expertise and the strength of our e-commerce platform, D2C, Amazon and Flipkart are a perfect match. We are already in active discussions with various vendors … with lucrative exit options for the founders, we hope to encourage more brands and vendors to join the D2C ecosystem in India, “said Kalia.
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