Ecommerce News

Hyperlocal ecommerce start-up LoveLocal raises $18 mn in pre-Series B round




Hyperlocal ecommerce start-up LoveLocal has raised $18 million in a pre-Series B investment round. The round was led by Vulcan Capital, and also includes participation from Klarna founder CEO Sebastian Siemiatkowski’s Flat Capital, Alumni Ventures Group and Commerce Ventures, among others.


Launched in January 2020, LoveLocal claims to be present in more than 35 cities across India. The platform has attracted more than 100,000 retailers and fulfilled more than 1 million orders in the last 18 months. It has an online catalogue of daily essential items with 55,000 products across 145 categories.





Akanksha Hazari, founder and CEO of LoveLocal, said: “Local businesses also account for more than 40 per cent of jobs in India. They are the bedrock of our communities and the economy. We are bridging the technology gap to ensure that our local retailers not just survive but thrive in India 2.0 and beyond.”


Several international unicorn founders have invested in the company. Sebastian Siemiatkowski, founder of Klarna, one of the biggest BNPL companies in the world, and Nami Zarringham, co-founder of Truecaller, which recently went public, both joined in the latest round. Kevin Aluwi, co-founder and CEO of Gojek had invested in LoveLocal’s Series A round.


The company claimed that this is the largest round ever raised by a solo woman tech founder in India.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link