lazylad funding

lazylad funding

Gurgaon-based Lazylad, a hyperlocal mobile commerce company has raised $500,000 in pre-Series A funding from Silicon Valley-based VC investor Jai Choi, with participation from Kiyohiro Sugashita (a prominent financial expert in Japan) and Hirokazu Mashita, Founder/Director of M&S Partners.

LazyLad is a startup incubated at Gurgaon-based GHV Accelerator, will utilise the funds to expand in India, besides foreign markets such as Indonesia, Singapore and other developing Asian countries. The funds will also be utilise to develop and enhance back-end technology to continue as an asset light and scalable model.

Lazylad, much like Grofers, allow its users to shop from local neighbourhood stores with the convenience of a mobile app. Th startup guarantees for free home delivery within 90 minutes.

Lazylad was founded early this year by Saurabh Singla, Paresh Goel and Ajay Sethi, all graduates from IIT-Guwahati. The startup currently caters to customers in Gurgaon and Chandigarh only. It has 200 retailers across six categories and plans to add another 10 and increase retailer base to 50,000 by the end 2015.

The app, which was earlier available only on Android, is now also available on iOS and will soon be available on Windows mobile platorm as well.

Currently with a base of 8,000 users on Android and 200 registered retailers, the startup is currently facilitating around 1,000 orders a day. The startup now aims to add 50,000 sellers, reach 500,000 downloads and 80,000 orders/day in a year’s time.

“We plan to raise a Series A round between US$5 million and US$10 million in the next six-eight months. We already have a substantial partial interest from some of the investors who may invest to the tune of US$3 million,” said Saurabh co-founder of Lazylad.

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