OhLocal, an online-to-offline (O2O) local marketplace firm with Gurugram as its headquarters, secures an undisclosed sum of pre-seed funding from well-known angel and venture capitalists.
Sunil Kumar Singhvi from JITO Angel Network, Harish Menon, Co-Founder of House of Alpha Wealth Management, Puneet Verma, Partner at Aquilo LLP, and Sahil Goel, Co-Founder and Managing Partner of MiH Ventures were some of the investors who took part in this pre-seed round.
Before this, OhLocal raised another pre-seed round last year, which was headed by India Accelerator. They used the money from that round to upgrade the OhLocal platform and bring on new sellers. The firm will use the money raised in the most recent fundraising round (its second pre-seed round) going forward to quicken the serviceability of the OhLocal platform, as per reported by Business World.
Speaking about the fundraise, Devashish Goyal, Founder and CEO, 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 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 per cent. Not just will the investment help us at OhLocal in external and internal capacity building, but 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.”
With OhLocal, you can compare various local vendors’ real-time prices versus the online price for a product in just 60 minutes.
Investor Sahil Goel, Co-Founder and Managing Partner, MiH Ventures says, “OhLocal is solving problems for the larger Bharat by creating avenues for local merchants and at the same time helping consumers make the right choices. From offering competitive prices from the sellers to reducing delivery times to less than 60 minutes, OhLocal is at the forefront of enabling and empowering local buyers as well as sellers. I am super excited to be a part of their journey in building a new-age shopping experience.”
OhLocal is turning the traditional e-commerce process on its head, resulting in lower prices, greater product availability, and more effective product discovery. A product is requested by a customer and is then matched with the product’s Amazon price.
Using AI, sellers are chosen who then submit bids using the Amazon price as the benchmark within a window of 60 minutes, giving all types of sellers an equal chance.