O2O Marketplace OhLocal Secures Pre-Seed Funding The startup plans to utilize the funds to strengthen product development, grow the merchant base, expand rapidly in metros and non-metros
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Gurugram-based OhLocal, an O2O marketplace startup, on Wednesday announced it has raised an undisclosed pre-Seed round led by India Accelerator, with participation from HNIs and marquee angels.
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-- Meerut, Ghaziabad, Noida and Gurugram--working with 100-plus local sellers and has generated a business worth of INR 2 crore in four months of operation where buyers are getting up to 20 per cent less prices than e-commerce.
"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, OhLocal,India's first platform that provides the best of both worlds, the convenience of online shopping and the experience of offline shopping. We look forward to witnessing OhLocal emerge as an O2O marketplace," said Mona Singh, co-founder of India Accelerator in a statement.
The Company plans to utilize the funds to strengthen product development, grow its merchant base and expand rapidly.
