Lokal secures Rs 120 crore in Series B funding round to expand hyperlocal platform
- ByStartupStory | April 25, 2023
Lokal, a hyperlocal content and community platform, has raised Rs 120 crore in a Series B funding round from investors Global Brain and Sony Innovation Fund, along with participation from India Quotient and other existing investors. The company plans to utilize the funds to expand in existing markets, launch new categories and products, and strengthen its product and technology teams.
“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.
Lokal provides hyperlocal information like daily updates, commodity prices, local jobs, real estate, matrimonial, local business advertorials, and classifieds that would otherwise be scattered across local newspapers in vernacular languages. The app is currently available in Kannada, Telugu, Tamil, Malayalam, Marathi, and Gujarati on the Google Play Store and has more than 40 million downloads, with a presence in about 180 districts across India.
“This funding round will be instrumental in accelerating our growth,” said Jani Pasha, Founder and CEO of Lokal. The Bengaluru-based firm has been backed by marquee investors, namely 3one4 Capital, India Quotient, and Y Combinator.
With the new funds, Lokal aims to expand its reach to new cities and towns, launch new features, and create more job opportunities. “We are excited to be a part of Lokal’s journey as they continue to make a meaningful impact in the lives of millions of Indians,” said Yasuhiko Yurimoto, CEO of Global Brain Corporation.
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