Vernacular news aggregator start-up Lokal raises $3 million
Lokal, a Bengaluru-based local content aggregator that serves news to vernacular audiences based on their location, has raised $3 million in a new round of funding. The investment was led by existing investor India Quotient, along with giants such as US-based Y Combinator, 3one4 Capital, RB Investments, SOMA Capital, and other angel investors. Here are more details.
Serving local news, information to vernacular audiences
Founded in 2018 by Jani Pasha and Vipul Chaudhary, Lokal serves district-level news in text and video formats; government job notifications; current affairs, and even matrimonial ads. The company has a presence in 27 districts across Andhra Pradesh, Telangana, and Uttar Pradesh. Plus, it also provides information like vegetable prices, weather updates, and contact details of nearby doctors and police stations.
Lokal churns out 120-150 content pieces in a day
"For a person using our platform, he has close to 120-150 content pieces to consume in a day," said Pasha, co-founder of Lokal, while speaking to media. He further added, "We focus on density in any location and have deep penetration in each of the districts due to the kind of exclusive content we offer in that location."
How the fresh funds will be utilized?
With the fresh funds, Lokal will improve its platform and expand its presence in three more states over the next one year. The company, which has registered over 3 million app installs till now, will also deploy the funds to expand its team and enter into new markets while strengthening its presence in the existing ones.
Previously, Lokal raised an undisclosed amount from India Quotient
Prior to this round, Lokal had received an undisclosed amount in August 2018 from India Quotient. And, with the latest investment, the total amount raised by the company now stands at over $3.2 million. Currently, the start-up has deployed a 40-member team of moderators to monitor the content and curb fake news - a number that is expected to rise in the near future.
