Total amount raised
$29.8 Million
Latest funding date
04/01/2023
Location
Lokal has successfully raised funds over six rounds, with the latest being a Series B round. The platform is a hyperlocal social media network that enables users to share, interact, and transact in their regional language.
Keep reading to explore the intricacies of Lokal's fundraising journey and the investors backing this innovative platform.
What Is Lokal?
Lokal is a hyperlocal social media platform based in Bengaluru, Karnataka, India. The company focuses on enabling users to share, interact, and transact in their regional language, catering primarily to Tier-2 and Tier-3 cities.
Founded with the mission to unlock the economic and social potential of native language internet users in India, Lokal offers a range of digital products and services. These include local information updates, agricultural advice, matchmaking services, edutainment, mental health support, astrology consultations, peer support, and job platforms.
With an employee count ranging from 101 to 250, Lokal serves over 60 million users across 250+ districts in more than 10 Indian languages, making it a significant player in the digital products and services industry.
How Much Funding Has Lokal Raised?
- Pre-Seed Round (2018-08-11)
- Amount Raised: Not publicly disclosed
- Date: August 2018
- Lead Investors: India Quotient
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the platform and develop initial product offerings.
- Pre-Seed Round (2019-08-19)
- Amount Raised: USD 150,000
- Date: August 2019
- Lead Investors: Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand user base.
- Seed Round (2019-11-04)
- Amount Raised: USD 3,000,000
- Date: November 2019
- Lead Investors: 3one4 Capital, India Quotient
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance platform features.
- Non-Equity Assistance (2020-09-21)
- 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 for growth.
- Series A (2021-10-21)
- Amount Raised: USD 12,000,000
- Date: October 2021
- Lead Investors: Tencent
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market presence and develop new product capabilities.
- Series B (2023-04-25)
- Amount Raised: USD 14,600,000
- Date: April 2023
- Lead Investors: Sony Innovation Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To grow in existing markets, launch new categories, and strengthen product and technology teams.
Total Amount Raised: USD 29,750,000. Current Valuation: Not publicly disclosed.
Key Investors
- Sony Innovation Fund
- Details: Sony Innovation Fund is the corporate venture capital arm of Sony Ventures Corporation. It focuses on investing in innovative startups that align with Sony's strategic interests.
- Investment Focus Areas: Technology, entertainment, innovation
- Notable Investments: Cogitai, Maimai, Locix
- Tencent
- Details: Tencent is a Chinese multinational conglomerate holding company. It is known for its investments in internet-related services and products, including social networks, music, web portals, e-commerce, and mobile games.
- Investment Focus Areas: Internet services, social networks, e-commerce
- Notable Investments: Not publicly disclosed
- Google for Startups
- Details: Google for Startups is an initiative by Google to support early-stage startups through mentorship, resources, and funding. It aims to help startups grow and scale their businesses.
- Investment Focus Areas: Early-stage startups, technology, innovation
- Notable Investments: Not publicly disclosed
- 3one4 Capital
- Details: 3one4 Capital is an early-stage venture capital firm based in India. It focuses on investing in technology-driven startups with high growth potential.
- Investment Focus Areas: Fintech, SaaS, deep tech
- Notable Investments: Licious, Darwinbox, Betterplace
- India Quotient
- Details: India Quotient is a venture capital firm that invests in early-stage Indian startups. It focuses on consumer brands, social platforms, and technology-driven businesses.
- Investment Focus Areas: Consumer brands, social platforms, technology
- Notable Investments: ShareChat, Lendingkart, Sugar Cosmetics
What's Next for Lokal?
Lokal's future looks promising as it aims to expand its presence in existing markets and introduce new product categories. With over 40 million downloads and operations in seven Indian states, the platform is well-positioned to cater to the growing demand for hyperlocal content and services in vernacular languages. The recent Series B funding will enable Lokal to strengthen its product and technology teams, enhancing user experience and engagement.
As internet connectivity continues to rise in Tier 2+ cities, Lokal has significant opportunities for growth. The platform's unique content-led digital marketing solutions for SMEs and brands targeting local communities are expected to drive further user acquisition and revenue. Future fundraising rounds are likely as Lokal demonstrates profitability in more regions, attracting both domestic and international investors.
However, Lokal may face challenges such as competition from other hyperlocal platforms and maintaining profitability while scaling operations. Ensuring the quality and relevance of user-generated content and adapting to diverse linguistic and cultural needs will be crucial for sustained growth. Despite these challenges, Lokal's strategic focus and robust funding position it well for continued success.
Use Clay to Get Funding Data
Sales professionals, leverage Clay’s platform to access comprehensive fundraising data on companies like Lokal and gather other critical business insights. Sign up for free to start unlocking valuable information that can drive your sales strategy and success.
