Bangalore: LocalOye, India’s marketplace for local and household services raises Rs.31crore ($5 million) of its Series A round of venture capital funding from Lightspeed Venture Partners and Tiger Global Management. Earlier, it also raised an undisclosed amount of funding from a group of angel investors. The company will utilize the raised funds to invest in technology and building the talented team. The proceeds would be used to scale up its business operations nationwide and to expand its service categories.
Founded in 2013 by BITS Pilani alumni, Aditya Rao, LocalOye is a horizontal mobile marketplace with listings of over 300 categories to hire local service professionals. Prior to that, Aditya Rao co-founded a social technologies firm, superchooha and worked with a number of companies such as Concept Digital. The platform connects customers with more than 3000 service providers of fitness, education, home maintenance, beauty and events within a few minutes of time by using a recommendation engine. Both customers and providers, connects each other through their own applications, which can also be used to schedule or engage the bookings and review the orders. The portal won’t charge for listing of service providers.
LocalOye application has witnessed over 5000 downloads on Google playstore and claims more than 15,000 customers per month with a repeat user rate of 28 percent. It has 10,000 vendors and 100,000 service customers in Mumbai.
Last year, the two years old startup firm raised angel round of funding from Sachin Bhatia – Co-Founder of MakeMyTrip, Haresh Chawla – ex Group CEO of Network 18 & India Value fund and Siddarth Rao – Co-Founder of Webchutney.
Along with Matrix Partners, both Lightspeed Venture Partners and Tiger Global Management invested $30 million in LimeRoad.com and this is the second back-to-back co-investment deal in India.
The startup is planning to be just a mobile application platform by shutting down the website.