LoveLocal raises $18M in pre-Series B round led by Vulcan Capital
LoveLocal recently announced that it raised $18 million in its pre-Series B funding round led by Vulcan Capital. The round also saw participation from Klarna Founder and CEO Sebastian Siemiatkowski’s Flat Capital and Alumni Ventures Group and Commerce Ventures. Angel investors like Nami Zarringhalam (Truecaller), Sriram Krishnan (Andreessen Horowitz), Anna Lambert (Shopify), Sarah Jones Simmer (Found), and Arpan Sheth (Bain & Company), among others, also participated in the round.
This fundraise marks the largest funding round raised by a solo woman tech founder in the country.
LoveLocal founder and CEO Akanksha Hazari said, “We have always believed in the local retailer. They win on every consumer consideration: service, quality, product selection, value, credit, free and speed of delivery. Local businesses also account for more than 40 percent of jobs in India. They are the bedrock of our communities and the economy. LoveLocal is bridging the technology gap to ensure that our local retailers not just survive but thrive in India 2.0 and beyond.”
The hyperlocal ecommerce platform launched in January 2020 offers local retailers the option to digitise. LoveLocal currently operates in over 35 cities and more than 1300 pin codes across the country
Speaking about the investment, Shopify’s Anna Lambert said, “Based on my experience in this domain, I have confidence in LoveLocal’s product and business model. I have met many founders and interviewed thousands of people, and in getting to know Akanksha and the team, it’s clear they have the smarts, experience, and grit to successfully build a high impact business at scale.”
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