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LazyLad app raises $100,000 from Gurgaon based GHV Accelerator

Tags: LazyLad, GHV Accelerator, marketplace, Android

May 06, 2015 | COMMENTS ( 0 )

LazyLad app raises $100,000 from Gurgaon based GHV Accelerator

LazyLad, a scalable model, which has the potential to disrupt how customers interact in the ‘neighborhood’ marketplace has raised seed fund of $100,000 from GHV Accelerator. 

In turn, GHV gets a team of three Co-founders – Saurabh Singla, PareshGoel, and Ajay Sethi–techies from IIT.

“LazyLadApp was conceptualized with the aim to make lives easier by taking over mundane tasks like ad hoc trips to the neighborhood Kirana shop, or visits to the florist etc. Using the LazyLadApp – your neighborhood market on mobile - the average Indian household will save around one ‘precious’ hour, wasted in dealing with the mundane, yet unescapable errands of everyday life,” said the official press release.

The benefits are not only for the customers but also for service providers like the FMCG companies and retailers. The success and market acceptance of the app can be gauged from the fact that it acquired 80 per cent repeat orders, and 2000 plus downloads and received around 25 orders/day, within 3 weeks of its launch.

The app as of now is only available for Android (the iOS version is due in June and the Windows version due later during the year). In a year’s time, the company plans to tap into this vast marketplace and aims to add 50K sellers, 0.5 million downloads and 80K+ orders/day.

Apart from forging ahead with their plans to provide the service across India, they are also exploring the possibility of launching the app in other developing countries like Indonesia, South Africa - with a population of 249 million and 53 million resp., and a market worth of $13 billion and €62 billion resp. Currently their ambitious global expansion plan is to launch in at least 10 to 12 countries in the next 3 years.

VikramUpadhyaya, Entrepreneur Evangelist, and Chief Mentor at GHV, said, “GHV very strongly believes that LazyLad is an excellent example of Frugal Innovation and has the capability to completely over turn the n-commerce space in India. My criterion for ‘testing’ is the TEST PoC, wherein startups need to be able to have a great Team, that can Execute; a Scalable model that should leverage Technology.”

LazyLad has been selected by Nasscom 10K startups for Innotrek 2015, to the Silicon Valley in mid-May 2015. RajatTandon, of Nasscom 10,000 Startups, said, "LazyLad has a very innovative business model which is asset-light and indeed frugal. A very tech-savvy and committed team that we look forward to giving global exposure to, at our week-long bespoke invite-only trek in the Silicon Valley - Innotrek 2015."

PareshGoel, Co-Founder at LazyLad, said, “We are super excited and enthused. GHV has not only given us the much needed seed capital, but a fantastic ‘controlled environment’ - we already had a perfect setup waiting for us, with ready-to-serve teams in Legal, HR, PR, Finance, Market Research.Our productivity was up from day zero! Also, we look forward to the expert mentoring and advice from GHV’s distinguished panelists that will give our startup the much needed acceleration to scale exponentially and go global.”

GHV has the vision to accelerate 25 startups over a period of three years with the intent of facilitating their growth and turning them into billion dollar enterprises. By offering these startups a controlled environment, optimized and appropriate resources, along with sustainability funding (up to USD 100,000) per startup, GHV will help them build a foundation for scalability and achieve healthy business metrics in order to reach the Series A funding in a much shorter time frame as compared to a startup in its general lifecycle. GHV has strategic tie-ups with World Innovation Labs, Lets Venture, as well as Nasscom’s prestigious 10,000 Startup Initiative that any startup can leverage to race to Series A.

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