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Lokal, a hyperlocal content, community, and classified platform, has raised ₹120 crore in Series B funding round.
Global Brain and Sony Innovation Fund and other investors have participated in this funding round.
The company will use the fresh funds to grow in existing markets, launch new categories, build product capabilities, and further strengthen the product and technology teams.
With the latest funding round, funds raised by Lokal has reached over ₹225 crore. It has over 110 employees with headquarters in Bengaluru.
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Launched in 2018, Lokal provides users in Tier 2+ towns with hyperlocal information such as 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.
“We are thrilled to receive support from Global Brain and Sony Innovation Fund in addition to existing investors on our board as we redefine how Tier2+ users of India access hyperlocal information. 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,” said Jani Pasha, Founder, and CEO, Lokal.
This funding round will be instrumental in accelerating our growth and getting us closer to fulfilling our vision of simplifying our users’ lives by enabling them to use the Internet more meaningfully, the CEO added.
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With over 40 million downloads in seven States over the past five years, Lokal delivers the quickest local updates and has 10 times higher response rates in comparison to other alternatives for posting local jobs, matrimonials, real estate listings, and local ads, said the company.
The platform also offers content-led digital marketing solutions for small and medium businesses (SMEs) and brands targeting Tier 2+ users.
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