The fresh funding is part of the start-up’s plans to raise $1 million in total on a rolling basis.
Lookup, a free messaging app has raised $100,000 in funding from MKS Switzerland SA, a Geneva-based precious metals and financial services group of companies, according to a VCCircle report.
The report further stated that the funds will be used for product development as well as to partner with more retailers. Early this month, Lookup had raised Rs 1 crore (over $160,000) in funding from Infosys co-founder Kris Gopalakrishnan.
“MKS has a good hold in the gold and diamond industry in India. So, closing a funding round with the group will help us in connecting with all the major gold and diamond merchants in the country,” Deepak Ravindran, co-founder and former CEO, Innoz Technologies told VCCircle.
“The fresh funding is part of the start-up’s plans to raise $1 million in total on a rolling basis. Lookup, which plans to close the deal by the end of this month, has already got commitments from a few more investors,” said Ravindran.
Lookup is a free and secure messaging app which helps consumers chat with local businesses or shops. Users can get guaranteed answers from local businesses within five minutes. The app is developed by Deepak Ravindran, a serial entrepreneur and a founding partner at Kochi-based technology incubator Startup Village. The app is run by Bangalore-based Hatchery Software Pvt Ltd.
As a consumer, one can make reservations at restaurants and pubs, and book appointments at spas, salons, clinics and hospitals. The app also gets him/her information about deals, product availability, prices and timings from offline stores. In addition, one can also share pictures with local stores to get information about products. As for local businesses, Lookup helps them acquire and connect with customers over a chat, and get their shops verified.
The product is currently available on Android, and will soon be launched on iOS.
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