1 min read.Updated: 15 Apr 2015, 12:54 AM ISTAshna Ambre
The company is looking to use the funds to improve and strengthen its technology and build a team
Mumbai: Imma Web Pvt. Ltd, the company that operates LocalOye, a services listings mobile application, said on Tuesday that it has raised $5 million from Lightspeed Venture Partners and Tiger Global Management.
LocalOye had raised its initial (seed) round of funding from Sidharth Rao (co-founder of Webchutney), Haresh Chawla (ex-Group CEO of Network 18), and Sachin Bhatia (co-founder of MakeMyTrip).
The firm, founded in 2014 by Aditya Rao, is looking to use the funds to improve and strengthen its technology and build a team. “LocalOye’s vision to bridge the online-to-offline services market in India is highly compelling for both consumers and businesses," Lee Fixel, partner at Tiger Global said in a statement.
The local services market in India is estimated to be $100 billion but is largely fragmented. Additionally, looking for service solutions is dependent on a classifieds approach, which includes listings and manual phone calls. “People spend money on two things—buying products or services. We want to completely own the services space. Over the past 1.5 years, we have solved some of the toughest local services problems. Our focus on great execution, merchant quality and customer delight," Rao said in a statement.
LocalOye’s technology solution connects customers with service professionals within a few minutes. Customers can give their requirement on the mobile app; service professionals use it to review, accept, engage and schedule bookings with customers. The firm provides over 250 services in Mumbai, across sectors such as education, home services, wellness and events.