Latest News | LoveLocal Raises USD 18 Mn Funding

New Delhi, Oct 28 (PTI) LoveLocal, a hyper-local e-commerce platform empowering local retailers, has raised USD 18 million (Rs 143 crore) in funding, led by Vulcan Capital.

The pre-series B round also saw participation from Klarna founder and CEO Sebastian Siemiatkowski's Flat Capital, Alumni Ventures Group and Commerce Ventures, a statement said.

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Angel investors participating in the round included Nami Zarringhalam (Truecaller co-founder), Sriram Krishnan (General Partner at Andreessen Horowitz), Anna Lambert (Director of Product Acceleration at Shopify), Sarah Jones Simmer (CEO of Found) and Arpan Sheth (Senior Partner at Bain & Company), among others.

Existing investors Blume Ventures, AC Ventures, HenkelX Ventures, Chiratae Ventures also invested, with Candy Ventures significantly increasing its ownership in this round.

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Launched in January 2020, LoveLocal has signed up more than 1 lakh retailers in just 18 months and fulfilled more than one million orders.

"We have always believed in the local retailer. They win on every consumer consideration: service, quality, product selection, value, credit, free delivery and speed of delivery. Local businesses also account for more than 40 per cent of jobs in India," Akanksha Hazari, founder and CEO of LoveLocal, said.

She added that the local businesses are a bedrock of communities and the economy.

"LoveLocal is bridging the technology gap to ensure that our local retailers not just survive but thrive in India 2.0 and beyond,” she said.

In the next three years, LoveLocal aims to take one million local retailers online and power the largest hyper-local e-commerce platform in India.

The company will use the pre-series B funds to invest in product development, key hires, and accelerate growth and expansion across tier 1-3 cities across India.

"LoveLocal will continuously expand the digitisation solutions it provides its retail partners to grow their businesses. The future of Indian retail is, and must be, local,” Hazari said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)