Mumbai: LoveLocal, a hyperlocal e-commerce platform empowering local retailers, has raised $18 million ( ₹143 crore) in a Pre-Series B investment round led by Vulcan Capital. It also saw participation from Klarna Founder & CEO Sebastian Siemiatkowski’s Flat Capital, Alumni Ventures Group and Commerce Ventures.
Angel investors Nami Zarringhalam, co-founder of Truecaller, Sriram Krishnan, general partner at Andreessen Horowitz, Anna Lambert, director of product acceleration at Shopify, Sarah Jones Simmer, CEO of Found & ex-COO of Bumble, Arpan Sheth, senior partner at Bain & Company, and others also participated.
Existing investors Blume Ventures, AC Ventures, HenkelX Ventures, Chiratae Ventures also invested, with Candy Ventures significantly increasing their ownership in this round.
Tommy Teo, managing director & head of South Asia at Vulcan Capital, said, “LoveLocal’s rapid growth in the past 18 months is a testament to the team’s singular focus on empowering local retailers and a demonstration of the resilience and relevance of the neighbourhood store in the daily lives of Indian homes across the country.”
Launched in January 2020, LoveLocal is revolutionising how India shops by empowering local retailers and digitising the $1.1 trillion unorganised retail market. LoveLocal has grown 40x since inception and currently serves over 35 cities and 1300 pincodes, across India. In just 18 months, LoveLocal has signed up more than 100,000 retailers and fulfilled more than 1 million orders. It continues to grow rapidly at 35%+ month on month. LoveLocal has India’s largest online catalogue of daily essential items with 55,000 products sold across 145 categories.
Akanksha Hazari, founder & CEO of LoveLocal, said “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% of jobs in India. They are a bedrock of our 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.”
Indian retail is powered by more than 60 million local businesses. They represent 95% of the $1.1trillion retail market. Despite the launch of e-commerce and new big box retail options, this unorganised market has more than doubled in the past 5 years and 86% of the average Indian consumer’s shopping continues to happen locally, within 3-4 kilometers of home, at local neighbourhood shops. As over a billion Indian consumers move online, these local shops must transform to serve this new digitally-driven shopper.
Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter.
Never miss a story! Stay connected and informed with Mint.
our App Now!!