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LocalOye raises $5 mn from Lightspeed Venture, Tiger Global

LocalOye, which lists local and home services across
Mumbai, has raised its first round of venture capital funding from Lightspeed
Venture Partners and Tiger Global Management.

LocalOye, which lists local and home services across
Mumbai, has raised its first round of venture capital funding from Lightspeed
Venture Partners and Tiger Global Management.

The Economic Times reports, citing sources, the two
year old startup has raised around $5 million. In 2014, LocalOye had raised seed funding from former
Network18 CEO Haresh Chawla and MakeMyTrip co-founder Sachin Bhatia. 

“Consumers spend money to either buy a product, or
hire someone to do a service for them. While Amazon and Flipkart are focusing
on the first aspect, there are classifieds websites for the first part but they
dont do a very good job and we want to solve that problem,” Founder Aditya
Rao
told the Economic Times. A BITS Pilani graduate, Rao had set up LocalOye in
mid 2013 starting with online venue and catering services but started expanding
across categories in July 2014. 

LocalOye is a horizontal marketplace for services with
listing across 300 categories in Mumbai. The startup has over 3,000 merchents
on the platform which provide services like fitness, home maintenance,
education, beauty and events. 

“Services business are interesting because the
margin opportunity is much more attractive and the marketplace can potentially
capture more value,” Bejul Somaia, MD at Lightspeed India, told the
Economic Times.

Going ahead, the startup plans to focus on expanding to
new cities like Bengaluru besides focusing on its mobile application. “We
are going to be just a mobile application platform soon and shut the
website,” Rao was quoted in the report as saying.

LocalOye
app has seen over 5000 downloads on Google playstore and claims to be seeing
over 15,000 customers connections a month. The service also has a 28% repeat
user rate on a monthly basis. 

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