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Centrum Broking Report
V-Mart Retail Ltd. agreed to acquire the business of ‘Limeroad' for a consideration of Rs 670 million on a slump sales basis paying for its exiting liabilities.
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This acquisition would cement its footing to attract digital first millennial customers as ‘Limeroad' already holds 17 million loyal customer base.
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Further V-Mart plans to invest ~Rs 800 million (~20% of its Ebitda) over next two-years to scale-up customer base and setting up back end infrastructure.
Management said to be confident to achieve sustainable profitability in one year. V-Mart paid ~0.9 time price to sales for acquiring ‘Limeroad' to firm up its omni channel strategy.
Management alluded strong synergies for long term as there is strong overlap with V-Mart's core markets and similar target group customers settled in non-metro and tier-I markets with household income less than Rs 5 lakhs and age group of 15-40 years.
We strongly believe, this acquisition would give leg-up to V-Mart in building its digital aspiration.
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