O2O Marketplace Startup, OhLocal secures Pre-Seed funding India Accelerator
New Delhi: OhLocal is AI enabled smart bidding platform connecting local buyers and sellers in real time.
Gurugram based OhLocal, an O2O marketplace startup, on Wednesday, announced to have raised an undisclosed Pre-Seed round led by India Accelerator, with participation from HNIs and marquee angels.
OhLocal is an AI-enabled smart bidding platform that offers local buyers and local sellers an online marketplace platform to buy and sell products locally. Currently, OhLocal is in four cities namely Meerut, Ghaziabad Noida and Gurugram working with 100+ local sellers and has generated a business worth of 2+ cr in 4 months of operation where buyers are getting up to 20% less prices than e-commerce.
“We strongly believe that the founding team at OhLocal has created a revolutionary platform as today, enthused by ‘online’ success in new-age customer segments, many players have tried to adapt their value proposition by picking up the best elements of offline experience.The thinking right now is that the new normal is going to be different irrespective of how things pan out. While local businesses in big cities work with larger cash flows, the same isn’t true for their counterparts in smaller towns,with an increased number of brands moving to online delivery models, OhLocal,India’s first platform that provides the best of both worlds, the convenience of online shopping and the experience of offline shopping. We look forward to witnessing OhLocal emerge as O2O Marketplace Mona Singh, Co-Founder of India Accelerator.
“With the rapid digitisation of the economy it is imperative that hyper local businesses integrate themselves to the digital economy. OhLocal is perhaps the best placed to address this problem by Mimicking the offline experience of a shopper on a digital platform keeping both, the merchant, as well as customer satisfied, has been key to OhLocal’s Product Strategy. The bidding engine, alternate product suggestion by vendor and no margin business model makes it an ideal place for shoppers and merchants to meet” Founder Devashish Goyal
“OhLocal is aiming to capture the shift in post pandemic market in terms of how traditionally offline consumers want to shop online in future. As an investor I am fully convinced of their business model and particularly impressed by Devashish’s deep understanding of target consumers and solving their issues in a uniquely innovative way. I see tremendous potential for it to grow and scale up across the country in next couple of years”, said, Arindam Mukhopadhyay, Vice President & Global Head of Consulting CoE at Gartner.
The Company plans to utilize the funds to strengthen product development, grow the merchant base, expand rapidly in metros and non-metros.