Loca Raises Fund in its First Investment Round
In a statement, the company highlighted that the micro-mobility market in India sees around 100 million trips per day; however, it feels that this market is unreliable and unaffordable currently. Loca also shared that it was this gap that encouraged the startup to set up local networks of shared mobility with a fleet of minivans and cars, dynamically routed based on real-time demand. The company claims the average Loca user gets into a cab within 2.5 minutes of getting out of the metro, even during peak hours. It also believes that the service value at its current price point can help the company build a large scale set up across India. Currently, Loca only operates from four Bengaluru metro stations – Indiranagar, Yelachenahalli, Mysore Road and Vijaynagar.