Also read Manoj’s post on how the Craftsvilla team created this magic.
There is a lot more work to be done – and problems to be solved – but the Lime Road team has already disproved many accepted notions in the world of Indian e-commerce – for example that it is not possible to grow without offering heavy discounts or that Indian users aren’t savvy enough to embrace deeper social activities like scrapbooking, curating collections or sharing.
Today, there are more than seven Oyo hotels in the same Mahipalpur strip.
They can do this with the very strong foundation of capital efficiency and product-market fit that has already been built.
We are fortunate to be associated with the company and look forward to being a part of this journey with Manoj and Monica.
The team made a number of critical decisions with crystal clear conviction that, in hindsight, worked well for the company.
These include the following: When Lightspeed, along with our partners at Nexus, made the seed investment in Craftsvilla back in 2011, we were struck by the founding team’s passion for, and understanding of, the market opportunity as well as more measurable factors such as market size, the potential for attractive unit economics and the scope to build a differentiated company that the horizontal e-commerce platforms would not be able to easily replicate.
But it required a completely different organisation and it would be very tough to execute.