LoveLocal, India’s hyper-local e-commerce platform empowering local retailers, has secured $18m or INR 143 crores, in a Pre-Series B investment round that features some of the most prominent investors and founders globally.
The round, which was oversubscribed, is led by Vulcan Capital, and also includes 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, “We couldn’t be prouder and more excited to back LoveLocal. 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. We look forward to partnering with Akanksha and the team in this next phase of growth.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.