Total amount raised
$29.8 Millions
Latest funding date
04/01/2023
Location
Lokal has successfully raised significant funding over multiple rounds, attracting notable investors such as India Quotient and XRM Media. The platform offers hyperlocal information, including daily commodity prices, local jobs, real estate, and classifieds, available in multiple regional languages.
Keep reading to explore the intricacies of Lokal's fundraising journey and the investors backing this innovative platform.
What Is Lokal?
Lokal, founded in 2018, is a hyperlocal social media platform based in Bengaluru, Karnataka, India. The platform enables users to share, interact, and transact in their regional language, offering services like local news, job postings, real estate, and classifieds.
The company was co-founded by Ali Göral, Jani Pasha, and Vipul Chaudhary. Lokal has grown significantly, boasting over 40 million users and a presence in more than 100 districts across South India.
With a team of 101-250 employees, Lokal continues to empower local communities by providing essential hyperlocal information and services in multiple regional languages.
How Much Funding Has Lokal Raised?
- Pre-Seed Round
- Amount Raised: $150K
- Date: August 2019
- Lead Investors: Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the platform and develop initial product features.
- Seed Round
- Amount Raised: $3M
- Date: November 2019
- Lead Investors: 3one4 Capital, India Quotient
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the user base and enhance platform capabilities.
- Non-Equity Assistance
- Amount Raised: Not publicly disclosed
- Date: September 2020
- Lead Investors: Google for Startups
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To receive strategic support and resources from Google.
- Series A
- Amount Raised: $12M
- Date: October 2021
- Lead Investors: Tencent
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Series B
- Amount Raised: $14.6M
- Date: April 2023
- Lead Investors: Sony Innovation Fund, Global Brain
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch new categories and product capabilities, and strengthen product and technology teams.
Total Amount Raised: $29.75M. Current Valuation: Not publicly disclosed.
Key Investors
- Sony Innovation Fund
- Details: Sony Innovation Fund is the corporate venture capital arm of Sony Corporation. They invest in early-stage startups that align with Sony's strategic interests.
- Investment Focus Areas: AI, robotics, IoT, fintech, entertainment
- Notable Investments: Miso Robotics, LiquidSky, Cogitai
- Tencent
- Details: Tencent is a Chinese multinational conglomerate holding company. They are known for their investments in internet-related services and products.
- Investment Focus Areas: Internet-related services, entertainment, AI, technology
- Notable Investments: Epic Games, Snap Inc., various tech startups
- Google for Startups
- Details: Google for Startups is an initiative by Google to support startups. They provide resources and mentorship to help startups grow.
- Investment Focus Areas: Technology, AI, innovative startups
- Notable Investments: Various startups across different sectors
- 3one4 Capital
- Details: 3one4 Capital is an early-stage venture capital firm based in India. They focus on investing in technology startups.
- Investment Focus Areas: Technology, SaaS, fintech, consumer products
- Notable Investments: Licious, Darwinbox, Betterplace
- India Quotient
- Details: India Quotient is an early-stage venture capital firm in India. They invest in consumer brands and technology startups.
- Investment Focus Areas: Consumer brands, social media, technology
- Notable Investments: ShareChat, Lendingkart, Sugar Cosmetics
What's Next for Lokal?
Lokal's future looks promising as it plans to expand in existing markets and launch new product categories. With over 40 million downloads and operations in 180 districts, the platform is well-positioned to cater to the growing demand for hyperlocal content and services in India. The recent funding will also help strengthen their product and technology teams, ensuring they stay ahead in the competitive market.
Future fundraising opportunities seem bright, given the strong backing from investors like Global Brain and Sony Innovation Fund. As Lokal continues to grow and achieve profitability in more states, it is likely to attract further investments to support its expansion and innovation efforts. However, challenges such as maintaining high user engagement and competing with other platforms remain.
Use Clay to Get Funding Data
Sales professionals, take advantage of Clay's platform to access comprehensive fundraising data on companies like Lokal and gather other critical business insights. Sign up for free and start leveraging these powerful tools today.
