Lokal, India's leading hyperlocal platform that provides content, community, and classifieds to Tier 2+ users, has announced the successful completion of its Series B funding round, raising INR 120 crores. This funding was led by new investors Global Brain and Sony Innovation Fund, alongside participation from existing investors, including India Quotient.
Revolutionising Hyperlocal Information for Tier 2+ India
Since its launch in 2018, Lokal has rapidly gained traction in 7 Indian states, with over 40 million downloads to date. Lokal provides hyperlocal information in regional languages that would otherwise be scattered across local newspapers. The platform offers quick local updates across job postings, matrimonials, real estate listings, and local ads for which the response rates are 10x higher than alternatives.
Lokal aims to become a single platform for all Tier 2+ consumer needs in India. With the funds raised, Lokal plans to expand into new product categories and capabilities, as well as strengthen its technology and strategy teams.
Unique Content-Led Digital Marketing Solutions for SMEs and Brands
Lokal also offers unique content-led digital marketing solutions for Small and Medium Businesses (SMBs) and brands targeting Tier 2+ consumers of India. This is in addition to the hyperlocal information platform that empowers local communities to make informed decisions and improve their lives.
Innovative Technology to Provide Real-Time Local Information
Lokal has built in-house tech capabilities that enable users to find the most relevant local content, classifieds, and community updates. With innovation in User Experience (UX) and unique matching algorithms, all the content and classifieds published on the platform are user-generated, providing access to local information in real-time.
A Sustainable Vision for Growth and Value
"We have achieved profitability in two of the seven states we operate in. Our aim is not only to create a platform that provides significant value to our users but also to build it in a sustainable manner. This funding round will be instrumental in accelerating our growth and getting us closer to fulfilling our vision of building a one-stop platform for all the use cases of Tier 2+ users, simplifying their lives by enabling them to use the Internet more meaningfully," said Jani Pasha, Co-founder and CEO, Lokal.
Lokal has raised over INR 225+ crore (INR 2.25B) in funding overall from marquee investors including Y Combinator. The company has 110+ employees with its headquarters in Bangalore. The Lokal app is currently available in 6 languages on Android and iOS.
Lokal's success in this Series B funding round highlights the importance of hyperlocal information for Tier 2+ users in India. The platform's innovative technology and sustainable growth vision positions it for continued success in the future. With Lokal's expansion plans, more consumers across India will have access to the local information they need in their languages, daily.
We’re excited to continue our work with Lokal as they scale India’s largest connected content and services hyperlocal platform! 🤝🚀