Image credit: Timmy Loen
The founders of Indian brand house Lifelong Online have reacquired a majority stake in the firm from Thrasio, signaling a possible retreat of the US Amazon aggregator from India, according to a TechCrunch report.
Lifelong’s existing investors – Tanglin Venture Partners and Hero Enterprise – also increased their stakes in the company, while Thrasio will remain an active investor and strategic partner, according to the report.
In January 2022, Thrasio announced its acquisition of Lifelong, which sells consumer durables in segments like kitchen, grooming, fitness, and home appliances.
At the time, both sides had committed to build the “Thrasio of India.” The US company also said it would invest US$454 million to acquire Indian digital-first brands in the coming years.
According to Crunchbase, Thrasio raised over US$3.4 billion but struggled to keep up the momentum like the rest of its peers. Last year, it had to conduct layoffs and a change in management.
See also: Roll-ups 2.0: Changing winds prompt shifts in ecommerce aggregator model
Note: This article was written with the help of AI. Don’t worry, humans were still involved in producing this story.
Editing by Thu Huong Le and Jaclyn Tiu
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