Hyperlocal content platform Lokal raises Rs 120 cr from Global Brain, Sony Innovation Fund & others

Hyperlocal content and classified platform Lokal has raised Rs 120 crore from Tokyo-based investors Global Brain and Sony Innovation Fund in a Series B round of funding. The fundraise also saw the participation of India Quotient and other existing investors. The company has raised Rs 225 crore or $27.5 million so far.

These funds will be utilised for expansion in existing markets, launch new categories and product capabilities, and strengthen the product and technology teams further, the company said in a statement.

Commenting on this development, Jani Pasha, founder and CEO of Local, said: "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 Tier 2+ users of India access hyperlocal information. We have achieved profitability in two of the seven states we operate in…”

The Bengaluru-based start-up was founded by Pasha and Vipul Chaudhary in 2018. The platform provides hyperlocal information such as daily updates, commodity prices, local jobs, real estate, matrimonial, and local business advertorials. It is also backed by 3one4 Capital and Y Combinator. 

Currently, it is available on Google Play Store in several local languages including Kannada, Telugu, Tamil, Malayalam, Marathi, and Gujarati. The app has witnessed more than 40 million downloads since its launch. It is present across 180 districts in India. 

Gen Tsuchikawa, CEO and Chief Investment Officer of Sony Ventures Corporation, noted the trends within the hyperlocal market and said, "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."

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