Thrasio gives up control in India’s Lifelong, founders take 60% stake

Sources in the know said the move was driven by headwinds Thrasio, led by CEO Greg Greeley, was facing in its home market, the US. It was supposed to make certain investments in Lifelong as part of the acquisition deal inked last year. “That capital infusion has not come through as Thrasio has changed its focus globally and won’t be looking at the India market any longer as a major focus,” a person briefed on the matter said.

The founders of Lifelong India will now own a 60% stake in the firm, people aware of the changes said. “The company still needs to grow and thus they (Lifelong’s founders) have taken back control of the firm,” the person quoted above added.

This development comes at a time when rollup platforms have seen a significant slowdown in deal making and challenges scaling up the brands they acquired in India amid the ongoing funding winter.

“Existing investors Tanglin Venture Partners and Hero Enterprise Partner Ventures have also increased their ownership in Lifelong Online. Thrasio will continue to be an active investor and a strategic partner of Lifelong Online,” said the statement from Lifelong India.

ET reported last May that the global shakeup at Thrasio has led to a rethinking on its operations in international markets such as India.