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Lookup raises $2.5 million from Twitter co-founder, others

  • Bengaluru-based
    chat messaging start-up Hatchery Software, which operates by the name of
    Lookup.to, said it has raised $2.5 million in a Series A (first) round of
    funding.
  •  
  • The round
    was led by Khosla Impact, a venture capital (VC) fund founded by Vinod Khosla, founder
    of Sun Microsystems Inc, with participation of Twitter Inc co-founder Biz
    Stone, Catamaran Ventures, backed by Narayana Murthy of Infosys, and Global

    • Bengaluru-based
      chat messaging start-up Hatchery Software, which operates by the name of
      Lookup.to, said it has raised $2.5 million in a Series A (first) round of
      funding.
    •  
    • The round
      was led by Khosla Impact, a venture capital (VC) fund founded by Vinod Khosla, founder
      of Sun Microsystems Inc, with participation of Twitter Inc co-founder Biz
      Stone, Catamaran Ventures, backed by Narayana Murthy of Infosys, and Global
      Founders Capital, among others.
    •  
    • It raised a
      seed (early stage) round of $382,000 in January.
    •  
    • Lookup.to, founded
      in November 2014 by Deepak Ravindran, is looking to use the funds for
      increasing its current merchant base of 70,000, hiring technology teams and
      expanding to 10 new cities by the end of this year.
    •  
    • Currently,
      it operates in Mumbai, Delhi, Bengaluru and Pune and is looking to expand to
      Dubai.
    •  
    • “Disruptive
      product start-ups are being built in India now. Khosla Impact funded Lookup to
      connect 40 million small businesses to consumers,” said Khosla in a statement.
    •  
    • The local
      commerce industry in India is estimated to be $750 billion with the highest
      shop density in the world at over 45 million local businesses, according to
      data by the company.
    •  
    • Indian
      start-ups in chat- and messaging-based businesses have been getting investor
      attention. Earlier this year, Coraza Technologies (Helpchat) raised Rs 100
      crore in a round led by Sequoia, while Haptik Inc raised $1 million in 2014.
    •  
    • Lookup.to
      allows users to chat with local businesses by providing details on availability
      of a product or any information, service or support. “The focus is to grow the
      hyperlocal offline network of merchants to 250,000 with a focus on all Indian
      cities,” Ravindran told the
      Mint.
    •  
    • The company
      also launched its feature of allowing bookings for local saloons and spas this
      year. “Once we start seeing transactions flowing in, we will charge a
      commission, but this will be only after we achieve a certain level of scale,”
      he added.
    •  
    • Lookup aims
      to reach out to 3 million users by December.

     

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