Hyperlocal m-Commerce Startup LazyLad Secures $500,000 Funding

Bengaluru: LazyLad, a Gurgaon-based m-Commerce startup, raises $500,000 in a fresh funding round led by Singapore-based M&Y partners, Jai Choi of California-based Tekton Ventures and Kiyohiro Sugashita of Japan based Sugashita Partners. The company plans to extend its business operations to new cities in India by the next 10-12 months and also improve its technological offerings using the raised capital. Earlier this year, the company had raised its first funding round from Green House Ventures Accelerator, who had invested $100,000 in exchange for 20 percent equity in LazyLad.

Founded in 2014, LazyLad is the brainchild of IIT-Guwahati trio of Saurabh Singla, Paresh Goel and Ajay Sethi. It enables the customers to buy groceries and other daily needs from the retail stores in their neighborhood. Through the app, the users can browse through the stores which are listed under six different categories, which include groceries, fruits and vegetables, meat & sea food, bakery items, flowers and stationary. Through the app, the users can also track the delivery status of the products ordered, while the company promises to deliver the orders within 90 minutes of placing the order.

Within the first month of its inception, the company’s app has seen over 1700 downloads and over 70 service providers are listed on its portal. The company also claims to fulfill over 25 orders each day and is planning to scale its service provider count to 50,000 in the coming days.

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