Funding Alert

Gurugram-based O2O marketplace startup OhLocal raises pre-seed funding


OhLocal, an online-to-offline marketplace, secured an undisclosed pre-seed round for the second time from a group of investors that included Sunil Kumar Singhvi (JITO Angel Network), Harish Menon (Co-founder of Alpha Wealth Management), Puneet Verma (Partner at Aquilo LLP), and Sahil Goel (MiH Ventures).

The funding will be used by the company to form partnerships with 10,000 more shops and small merchants across India. OhLocal raised its first pre-seed round last year, sponsored by India Accelerator, and utilized the funds to enroll sellers.

OhLocal is an AI-enabled smart bidding platform that provides an online marketplace platform for local buyers and sellers to buy and sell things locally. OhLocal is currently operating in four cities: Meerut, Ghaziabad, Noida, and Gurugram, and has developed a business worth INR 2 crore in four months of operation, with purchasers receiving up to 20% lower pricing than e-commerce.

OhLocal

Mr. Devashish Goyal, Founder & CEO, OhLocal said, “We at OhLocal are delighted to announce our second pre-seed fundraise, and are extremely glad to receive backing from a number of renowned investors. This funding round will enable us to provide OhLocal’s partnered sellers a more robust platform while also helping them to run ads, manage their inventory, insights through analytics and increase their business margins by up to 20 per cent. Not just will the investment help us at OhLocal in external and internal capacity building, but also aid us in team-building, tech and product optimization. In the long run, we aspire to continue to provide optimal value-addition to the growing pool of OhLocal-associated sellers, brands and customers.”

Investor Sahil Goel, Co-Founder and Managing Partner, MiH Ventures says, “OhLocal is solving problems for the larger Bharat by creating avenues for local merchants and at the same time helping consumers make the right choices. From offering competitive prices from the sellers to reducing delivery times to less than 60 minutes, OhLocal is at the forefront of enabling and empowering the local buyers as well as the sellers. I am super excited to be a part of their journey in building a new-age shopping experience.”

 

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