Founders of Lifelong Online have acquired the majority ownership and control in the Indian house of brands from Thrasio in what appears to be a retreat for the “Amazon aggregator” from the key overseas market.
Existing investors, Tanglin Venture Partners and Hero Enterprise Partner Ventures, also increased their ownership in Lifelong Online. Thrasio will continue to be an active investor and a strategic partner of Lifelong Online, the Gurgaon-headquartered startup said Thursday.
Lifelong Online served as the vehicle for Thrasio’s India ambitions. The global firm acquired the Indian startup for somewhere between $150 million to $200 million, according to an earlier report by The Economic Times. Thrasio said at the time that it is committing to spend over $500 million to acquire businesses in India.
Thrasio made no other investment in India.
“We are thrilled to embark on this new chapter and continue our journey with the support of our stakeholders,” a Lifelong spokesperson said in a statement. “India presents an incredible opportunity for us, and we believe that with our combined expertise, we can make a significant impact in the market. One thing that will remain unchanged is the strong commercial and strategic partnership between Lifelong and Thrasio.”
More to follow.
