Founders of Lifelong Online have bought back a majority stake and control of the Indian brand house from Thrasio in what appears to be a haven for the “Amazon aggregator” of the main overseas market.
Existing investors from Lifelong, Tanglin Venture Partners and Hero Enterprise also increased their stake in Lifelong Online. Thrasio remains “an active investor and a strategic partner” of Lifelong Online, the Gurgaon-based startup said Thursday.
Lifelong Online served as the vehicle for Thrasio’s ambitions in India. The global company acquired a majority stake in the Indian startup for sometime in early 2022 between $150 million and $200 millionaccording to an earlier report by The Economic Times.
At the time, Thrasio pledged to spend more than $500 million to acquire companies in India. It made no other investment in the South Asian market.
“We are excited 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 remains unchanged is the strong commercial and strategic partnership between Lifelong and Thrasio.”
Thrasio, Razor, Perch, and many other Amazon “aggregators” that raised more than $16 billion, mostly in debt, are struggling to keep up the momentum as demand for their businesses cools and interest rates rise.
