Lokal Raises INR 120 Crore In Series B Funding The company will use the fresh funds to grow in existing markets, launch new categories, product capabilities, and further strengthen the product and technology teams
By Teena Jose
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Lokal, India's hyperlocal content, community, and classified platform, has raised INR 120 crore in Series B funding from new investors Global Brain and Sony Innovation Fund, with participation from India Quotient and other existing investors. The company will use the fresh funds to grow in existing markets, launch new categories, product capabilities, and further strengthen the product and technology teams. Including the current funding round, the startup has raised over INR 225 crore in overall funding.
"We are thrilled to receive support from Global Brain and Sony Innovation Fund in addition to existing investors on our board as we redefine how Tier2+ users of India access hyperlocal information. Our aim is not only to create a platform that provides significant value to our users, but also to build it in a sustainable manner. This funding round will be instrumental in accelerating our growth and getting us closer to fulfilling our vision of simplifying our users' lives by enabling them to use the Internet more meaningfully," said Jani Pasha, founder and CEO, Lokal.
The platform offers unique content-led digital marketing solutions for Small and Medium Businesses (SMEs) and brands targeting tier 2+ users of India. The company aims to become a single platform for all tier 2+ user needs in India, empowering local communities with the information they need to make informed decisions and improve their lives. With innovation in user experience (UX) and unique matching algorithms, all the content and classifieds published on the platform are user-generated providing access to local information in real time, according to an official statement by the company.
"India has taken big strides in building infrastructure that provides internet connectivity to its citizens. The next step is to enable access to a multitude of productive and context-specific use cases, particularly for Bharat's local communities in tier 2+ cities and in regional languages. Lokal is building that application layer which fully unlocks the true potential for millions of Indians through a hyperlocal platform for content, community and classifieds. We are excited to partner with them in this exciting journey," said Anjani Bansal, partner and country head, Global Brain Corporation.
Founded in 2018, Lokal is on a mission to strengthen hyperlocal communities by enabling its mostly non-English users to share, interact and transact in their regional language.
