The funding round, dubbed Series B, also saw participation from India Quotient and other existing investors, the statement said.
What the funds will be used for
The Bengaluru-headquartered company will use the fresh funds to expand in existing markets, launch new categories and product capabilities, and strengthen the product and technology teams further, it said.
In total, the company has raised over Rs 225 crore ($27.5 million) so far. Lokal’s other marquee investors include 3one4 Capital, India Quotient, and Y Combinator.
Founded by Jani Pasha and Vipul Chaudhary in June 2018, Lokal provides users in tier II and III cities and beyond with hyperlocal information such as daily updates, commodity prices, local jobs, real estate, matrimonial, local business advertorials, and classifieds.
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“We see a natural growth in the non-English speaking population’s usage of internet-based services, creating the need for alternate social platforms like Lokal. We look forward to supporting the team as they expand across the fast-growing advertising market,” said Gen Tsuchikawa, CEO and Chief Investment Officer of Sony Ventures Corporation.
With a team of over 110 employees on board, Lokal boasts of more than 40 million downloads across seven Indian states over the past five years. Its platform also offers content-led digital marketing solutions for small and medium businesses (SMEs) and brands targeting the same user base.
Founderspeak
“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 Tier 2+ users of India access hyperlocal information. We have achieved profitability in two of the seven states we operate in…” founder and CEO Pasha said.
“Lokal is building that application layer that fully unlocks the true potential for millions of Indians through a hyperlocal platform for content, community and classifieds. It is already present in over 180 districts of 7 states,” Anjani Bansal, partner and country head, Global Brain Corporation, said.
Currently, Lokal operates in Telangana, Andhra Pradesh, Tamil Nadu, Karnataka, Kerala, Maharashtra and Gujarat.
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