Gurugram based OhLocal, an O2O marketplace startup, on Wednesday, announced it has raised an undisclosed pre-Seed round led by India Accelerator, with participation from HNIs and marquee angels.
The Company plans to utilize the funds to strengthen product development, grow the merchant base, expand rapidly in metros and non-metros.
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 has a presence four cities--Meerut, Ghaziabad, Noida and Gurugram.
“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 provides the convenience of online shopping and the experience of offline shopping," said Mona Singh, Co-Founder of India Accelerator.
OhLocal's Founder Devashish Goyal said, “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," he said.
Arindam Mukhopadhyay, Vice President & Global Head of Consulting CoE at Gartner said, “OhLocal is aiming to capture the shift in post pandemic market in terms of how traditionally offline consumers want to shop online in future.”
