OhLocal, a Gurugram, India-based online-to-offline marketplace, secured an undisclosed pre-seed round for the second time from a group of investors that included Sunil Kumar Singhvi (JITO Angel Network), Harish Menon (Co-founder of Alpha Wealth Management), Puneet Verma (Partner at Aquilo LLP), and Sahil Goel (MiH Ventures).
The company will use the funding to form partnerships with 10,000 more shops and small merchants across India. OhLocal raised its first pre-seed round last year, sponsored by India Accelerator, and utilized the funds to enroll sellers.
Devashish Goyal, Founder & CEO of OhLocal, said, “We at OhLocal are delighted to announce our second pre-seed fundraise and are extremely glad to receive backing from a number of renowned investors. This funding round will enable us to provide OhLocal’s partnered sellers with a more robust platform while also helping them to run ads, manage their inventory, and insights through analytics, and increase their business margins by up to 20 percent. Not just will the investment help us at OhLocal in external and internal capacity building, but it will also aid us in team-building, tech, and product optimization. In the long run, we aspire to continue to provide optimal value-addition to the growing pool of OhLocal-associated sellers, brands, and customers.”
OhLocal is currently operating in four cities: Meerut, Ghaziabad, Noida, and Gurugram, and has developed a business worth INR 2 crore in four months of operation, with purchasers receiving up to 20% lower pricing than e-commerce.
Company: O2O Mavericks Private Limited
Raised: Undisclosed
Round: pre-Seed Round
Funding Month: October 2022
Lead Investors: Sunil Kumar Singhvi, Harish Menon, Puneet Verma (Partner at Aquilo LLP), and Sahil Goel
Additional Investors:
Company Website: https://www.ohlocal.in/
Software Category: AI-enabled smart bidding platform
About the Company: Founded in October 2020, OhLocal is an AI-enabled smart bidding platform connecting local buyers and sellers on a real-time basis. It connects merchants with consumers in their city via a smart real-time bidding platform, with prices competitive with online retailers. OhLocal is reversing the process of e-commerce, which leads to better prices and more effective product discovery and availability wherein a product is requested by a buyer attached to the Amazon price of the product. Using AI, sellers are selected and then bid, keeping the Amazon price as the benchmark within 60 minutes and creating an equal opportunity for all kinds of sellers. It revolutionizes the actual in-store and shopping experience through a single interface where the buyer can get the prices from different local sellers and find the product from the OhLocal catalog. Over 800 sellers across five cities in India and has generated approximately Rs 5.2 crore with over 2,000 ads running on its platform.
Source: https://startupstorymedia.com/insights-gurugram-based-o2o-marketplace-startup-ohlocal-raises-pre-seed-funding/