Local retail-focused ecommerce startup, LoveLocal, raises $18 mn

Mumbai-based retailtech startup, LoveLocal, raises new investment round worth $18 million. The startup provides local retailers and merchants with a variety of services through its digital platform.

“The fundamental Achilles heel for all large players is that local retailers don’t trust them,” Co-founder at LoveLocal, Akanksha Hazari said, as reported by Economic Times. “There’s a massive trust issue because local retailers don’t want to put their data with companies that have their own inventory, warehouses, dark stores, or their own potential storefronts.”

Since its founding in 2020, LoveLocal has grown its presence to 35 Indian cities so far, and has future plans to double its current team in the next year and a half and grow to a million retailers on its platform by 2024.

The startup’s services are currently offered via subscriptions which range between Rs 1000 to Rs 8000.

Investors in the round include Vulcan Capital, Alumni Ventures Group, Commerce Ventures, Nami Zarringhalam, Sriram Krishnan, Blume Ventures, AC Ventures, HenkelX Ventures, and Chiratae Ventures, among others.

“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,” Managing Director at Vulcan Capital, Tommy Teo, said, ET reported.

Since the company’s founding, LoveLocal has raised total funding worth $30 million, and has plans to use the new funding toward geographical expansion plans, team growth, and toward its product itself, among other areas.

(Picture courtesy: LoveLocal)

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