Social Media Platform Lokal Raises USD 12 Million In Series A Round From Tencent
Indian hyperlocal social media platform Lokal has raised $12 million in a new round of financing led by Tencent, a Chinese internet conglomerate.
Existing investors like Y Combinator, 3one4Capital and India Quotient also participated in the funding round.
There are over 400 million non-English speaking Indians and have very limited internet offerings. This is because there aren’t many services that have been built to serve such users and many don’t have any offering for such large masses.
Lokal is attempting to provide a broad range of services to its users. Its social media app enables non-English speaking users to connect and interact with one another. The app also helps users keep up to date with things such as real estate prices, commodity prices and matrimonial ads. It also provides upskilling services.
The startup says on its website that it has amassed over 10 million downloads and is popular in several states in South India.
The new investment comes after New Delhi introduced rules to require that Indian firms take its approval before raising capital from a Chinese investor. Chinese firms’ investment pace in India was slowed down by this move. Several firms have raised from Tencent in recent months.
In August, Pocket FM was in advanced talks to raise a round from Tencent and others. Earlier, this year, Tencent also invested over $200 million in the Indian social media platform ShareChat.
The firm, which has poured money into Indian music streaming service Gaana, has made several recent investments in Indian firms.
Existing investors like Y Combinator, 3one4Capital and India Quotient also participated in the funding round.
There are over 400 million non-English speaking Indians and have very limited internet offerings. This is because there aren’t many services that have been built to serve such users and many don’t have any offering for such large masses.
Lokal is attempting to provide a broad range of services to its users. Its social media app enables non-English speaking users to connect and interact with one another. The app also helps users keep up to date with things such as real estate prices, commodity prices and matrimonial ads. It also provides upskilling services.
The startup says on its website that it has amassed over 10 million downloads and is popular in several states in South India.
The new investment comes after New Delhi introduced rules to require that Indian firms take its approval before raising capital from a Chinese investor. Chinese firms’ investment pace in India was slowed down by this move. Several firms have raised from Tencent in recent months.
In August, Pocket FM was in advanced talks to raise a round from Tencent and others. Earlier, this year, Tencent also invested over $200 million in the Indian social media platform ShareChat.
The firm, which has poured money into Indian music streaming service Gaana, has made several recent investments in Indian firms.