LazyLad, a Gurgaon-based startup hyperlocal mobile commerce start-up which helps create a direct platform for local retailers to sell to customers, has raised $500,000 in its Series B round of funding from M&Y Partners, Jai Choi and Japan-based Kiyohiro Sugashita.
This fresh cash infusion will allow the company to expand its presence to 10-12 new cities in India. The company will also use funds to develop and enhance its back-end technology.
LazyLad was founded by three graduate friends — Saurabh Singla, Paresh Goel, and Ajay Sethi. The company connects sellers with customers with the help of technology without bringing any logistics (middlemen) in between. Earlier, the company had raised $100K in seed funding.
Using its mobile application, customers get direct access to neighbourhood retailers and kirana stores. From groceries to fruits and veggies, from stationery to bakery, from meat to flowers and anything else you require on daily basis from your neighborhood, its available on LazyLad.
Currently, the app is available for Android users and iOS users only. The Windows Phone app is under development and will be launched soon. In a year’s time, the company plans to add 50K sellers, 0.5 million downloads and 80K+ orders/day. It claims to deliver products within 90 minutes.
LazyLad currently claims to have over 200 retailers on its platform and is planning to increase its retailer base to around 50,000 by the end of 2015. It is also planning to introduce new categories on its platform.
The company is on a mission to save the interests of local retailers, providing customers taste of e- retailing blended with the benefit of buying from there near by trusted stores. The company believes that it makes people smart, save time, save money, save fuel and spend the saved time on things they always wanted to do.
Hirokazu Mashita, founder and director, M&Y, said,
Lazylad is the asset-light business model company and I believe that the team is the best to execute the business with strong will and speed to provide better services to customers and better solutions to shops.