Mumbai-based local service marketplace LocalOye has raised $5 million in Series A funding from Tiger Global Management and Lightspeed Venture Partners. The company will use the funds to scale geographically in three more cities and add more service to its category.
Started by Aditya Rao in 2013, the company operates in Mumbai, offering more than 250 services such as tutors, home services, wellness, events, etc. It claims to have around 3,000 merchants on its platform across category. The company competes with other listing sites such as Sulekha and JustDial.
“LocalOye brings a disruptive experience to the classifieds and yellow pages market that has not seen innovation in a decade. We saw a clarity of vision and execution in the LocalOye team that we have not seen elsewhere,” said Dev Khare, managing director, Lightspeed Ventures. By the end of April, the company will expand to three more cities. It had raised an undisclosed amount as seed fund in 2014 from independent angel investors Haresh Chawla, Sachin Bhatia, co-founder, MakeMyTrip, and Siddharth Rao, co-founder, Webchutney. Recently, other similar services such as Qyk, FindYahan and Near.in also raised money from angel investors.
“We do not want to build another classifieds company. Our platform is highly interactive and data driven; and this is what makes our engine smarter every day. We have seen a huge demand from service professionals for better tools to manage their business,” said Aditya Rao, founder, LocalOye.
* Local service marketplace raised the fund from Tiger Global Management and Lightspeed Venture Partners
* The company will use the funds to scale geographically in three more cities and add more service to its category
* LocalOye competes with other listing sites such as Sulekha and JustDial