Loca, last-mile connectivity provider, has raised an undisclosed amount of funding in its 1st round of investment led by Stellaris Venture Partners, China-based Fosun RZ Capital and a group of individuals including Aprameya Radhakrishna (co-founder of Taxiforsure), Mayank Bidawatka (co-founder of Vokal) and Rohit MA (co-founder of Cloud Nine). It was founded by Gautam Patil and Krishnakumar Ramachandran in April 2019.
The fund help Loca to expand its presence to all major metro stations in Bengaluru and further build its tech and operations teams. It plans to expand to multiple cities including New Delhi by early next year. Currently, it operates in four metro stations in Bengaluru–Indiranagar, Yelachenahalli, Mysore Road and Vijayanagar.
Gautam Patil, co-founder of Loca, mentioned in a statement that “Making shared mobility work reliably at scale while keeping it affordable and convenient is a massive technology problem. We spent many months building the dynamic routing algorithm. The average Loca user gets into a cab within 2.5 minutes of getting out of the metro, even during peak hours. The specificity and volume of data from our operations opens many possibilities to improve further on this. We are confident the value at our price point can help us build a large scale across India.”
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.