Its raining investments this season and Hyperlocal markets are getting their fair chunk of share. GHV Accelerator backed Lazylad, another Hyperlocal mobile commerce company has managed to raise $500,000 in Pre-Series A funding led by overseas investors.
The investor list includes Tekton Ventures, Singapore based M&Y Partners and Japan based Kiyohiro Sugashita.
Saurabh Singla, cofounder and CEO LazyLad explained that “Money will be used to expand to major cities in India over the next 10-12 months,” he further added that “We will also use it to develop and enhance back-end technology to continue as an asset light and scalable model.”
LazyLad was launched by IIT graduates Saurabh Singla, Paresh Goel, and Ajay Sethi connecting all the brick and mortar stores and increasing their business by leveraging technology. As of now LazyLad has partnered with 200 retailers spread across several categories and plan to skyrocketed the numbers by 50,000 by the this year end. As per the company, they have witnessed 10x growth in the last sixty days.
As we said earlier, Hyperlocal delivery companies are the hottest property when it comes to initial round of funding. The fact that India has one of the highest smartphone penetration will help these companies to drive huge volumes. If you are observing the Hyperlocal ecosystem closely, here is a list of the companies which got funded recently and are doing pretty good.
LazyLad had been funded $100,000 in May after joining GHV accelerators which brings the total funding tally to $600,000.
According to Vikram Upadhyaya, Chief Evangelist and Mentor at GHV,“Accelerating them to the Pre-Series A round in just 60 days was fast & furious at GHV Accelerator. The Pre-Series A round is by-product of the numbers they have achieved in 60 days. They have grown beyond 10x what GHV strives for all the portfolios.”
Quick look into growth of LazyLad in last 60 days
- App downloads increased from 300 to 8000.
- Receives 1200 orders a day, which was 1200 orders a month.
- Seller base has grown from 10 to 200.
- From 5000 SKU’s, it has grown to now offer 500,000 SKU’s on the App
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