Internet
LoveLocal Raises $18m Pre-Series B in the largest round ever raised by a Solo Woman Tech Founder in India
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 35+ cities across India , in just 18 months.
Indian retail is powered by 60 million+ local businesses. They represent 95% of the $1.1 trillion retail market. Despite the launch of e-commerce and new big box retail options, this unorganised market has doubled in the past 5 years. As over a billion Indian consumers move online, these local shops must transform to serve this new digitally-driven shopper.
Founded by Akanksha Hazari , LoveLocal's Pre-Series B marks the largest round ever raised by a solo woman tech founder in
India . This represents a huge step forward in the Indian startup ecosystem and comes at a time when less than 1% of Indian VC deals are invested in women-only led companies. Moreover, the country is grappling with a sharply declining female labour force participation rate, the lowest in
South Asia .
In the next 3 years, LoveLocal aims to take 1 million local retailers online and power the largest hyper-local e-commerce platform in India . Hazari added, "The future of Indian retail is, and must be, local."
dikshar@cha-chi.in
8130045229
www.lovelocal.in
Photo: https://mma.prnewswire.com/media/1672934/LoveLocal_Team.jpg