LoveLocal, a hyperlocal e-commerce platform empowering local retailers, has raised $18 million ( ₹143 crore) in a Pre-Series B investment round led by Vulcan Capital. It also saw participation from Klarna Founder & CEO Sebastian Siemiatkowski’s Flat Capital, Alumni Ventures Group and Commerce Ventures. Existing investors Blume Ventures, AC Ventures, HenkelX Ventures, Chiratae Ventures also invested, with Candy Ventures significantly increasing their ownership in this round. They represent 95% of the $1.1trillion retail market. As over a billion Indian consumers move online, these local shops must transform to serve this new digitally-driven shopper.

Source: Mint October 28, 2021 19:30 UTC