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Gurugram based O2O marketplace startup, OhLocal has said, “It has raised an undisclosed amount in pre-Seed round funding led by India Accelerator with participation from HNIs and marquee angels.”
The startup plans to utilize the funds to strengthen product development, grow the merchant base, and expand its business in metros and non-metros.
OhLocal is an AI-enabled smart bidding platform that offers local buyers and local sellers an online marketplace platform to buy and sell products locally. Currently, OhLocal is in four cities namely Meerut, Ghaziabad Noida, and Gurugram working with 100+ local sellers and has generated a business worth of 2+ cr in 4 months of operation where buyers are getting up to 20% less prices than e-commerce.
Speaking on the Investment in O2O Marketplace, Mona Singh, Co-Founder of India Accelerator said, “We strongly believe that the founding team at OhLocal has created a revolutionary platform as today, enthused by ‘online’ success in new-age customer segments, many players have tried to adapt their value proposition by picking up the best elements of offline experience.”
“The thinking right now is that the new normal is going to be different irrespective of how things pan out. While local businesses in big cities work with larger cash flows, the same isn’t true for their counterparts in smaller towns, with an increased number of brands moving to online delivery models,” he added.
Speaking at the fundraise, Devashish Goyal, Founder of OhLocal said, “With the rapid digitization of the economy hyper-local businesses must integrate themselves to the digital economy. OhLocal is perhaps the best place to address this problem by Mimicking the offline experience of a shopper on a digital platform keeping both the merchant, as well as a customer satisfied, has been key to OhLocal’s Product Strategy.”