Lokal, a hyperlocal content platform based in Bengaluru, has announced that it has raised Rs 120 crore ($14.7 million) in a Series B funding round. The round was led by Global Brain Corporation and Sony Innovation Fund, with participation from venture capital firm India Quotient and other existing investors. Lokal plans to use the funds to grow in its existing markets, launch new categories and product capabilities, and strengthen its product and technology teams.
Founded in 2018 by Jani Pasha and Vipul Chaudhary, Lokal has quickly gained popularity in smaller towns and cities across India. The app provides users with access to a range of hyperlocal content, including commodity prices, local jobs, real estate, matrimonial services, local business adverts, and classifieds. The platform is available in six languages and has already recorded over 40 million downloads in more than 180 districts across the states of Telangana, Andhra Pradesh, Tamil Nadu, Karnataka, Kerala, Maharashtra, and Gujarat.
The success of Lokal highlights the growing importance of hyperlocal content in India, particularly in smaller towns and cities. These areas often lack access to information that is readily available in larger cities, such as job listings, property prices, and local news. Lokal seeks to address this gap by providing users with easy access to relevant information through its app. By consolidating local content in one place, Lokal aims to simplify the lives of its users and enable them to make more informed decisions.
Lokal’s success has also attracted the attention of global investors. In addition to Global Brain Corporation and Sony Innovation Fund, the company has also received funding from Y Combinator and Indian VC firms 3one4 Capital and India Quotient. The latest funding round takes Lokal’s total capital raise to over Rs 225 crore ($30 million).
Looking ahead, Lokal plans to continue its expansion in existing markets while also exploring new categories and product capabilities. With the support of its investors, the company hopes to further cement its position as a leader in hyperlocal content and provide users across India with the information they need to make informed decisions.