Hyperlocal mobile commerce marketplace LazyLad has shut down its operations, laying off close to 30 people in the process. The company is looking at pivoting into a business-to-business (B2B) focused marketplace.
“As you can see, the mobile app is not functional. We have shut down the business-to-commerce (B2C) segment of the business and are looking to pivot to the B2B side of the business,” said Saurabh Singla, co-founder and CEO.
Founded in April 2015 by IIT-Guwahati alumni Saurabh Singla, Paresh Goel and Ajay Sethi, LazyLad was in advanced talks to raise $2.5 million from Japanese investors in February 2016 but it seems that the talks fell apart, which prompted the company to take the decision. At that time, the company was also planning to add 25 cities by the end of 2016. It was facilitating 700 orders per day.
LazyLad's app gives access to neighbourhood retailers in six product categories that include flowers, daily groceries, fruits and vegetables, stationery, bakery and confectionery items, and meats and seafood.
It offered its services in Gurgaon, Chandigarh, Sirsa, Roorkee, Mohali, Panchkula and Zirakpur and raised about $100,000 in the seed round from Green House Ventures in May 2015.
In July last year, it had raised $500,000 (around Rs 3.18 crore) in its pre-Series A round of funding from Tekton Ventures’ founder and managing partner Jai Choi, Japan-based Sugashita Partners’ Kiyohiro Sugashita, and Japanese venture capitalist Hirokazu.
Apart from Lazylad, the other hyperlocal marketplaces who pulled down their shutters are GetNow.at, AAGAAR.com, PepperTap, Flipkart's grocery delivery app Nearby and Ola Store.
Image Source: ShutterStock
“As you can see, the mobile app is not functional. We have shut down the business-to-commerce (B2C) segment of the business and are looking to pivot to the B2B side of the business,” said Saurabh Singla, co-founder and CEO.
Founded in April 2015 by IIT-Guwahati alumni Saurabh Singla, Paresh Goel and Ajay Sethi, LazyLad was in advanced talks to raise $2.5 million from Japanese investors in February 2016 but it seems that the talks fell apart, which prompted the company to take the decision. At that time, the company was also planning to add 25 cities by the end of 2016. It was facilitating 700 orders per day.
LazyLad's app gives access to neighbourhood retailers in six product categories that include flowers, daily groceries, fruits and vegetables, stationery, bakery and confectionery items, and meats and seafood.
It offered its services in Gurgaon, Chandigarh, Sirsa, Roorkee, Mohali, Panchkula and Zirakpur and raised about $100,000 in the seed round from Green House Ventures in May 2015.
In July last year, it had raised $500,000 (around Rs 3.18 crore) in its pre-Series A round of funding from Tekton Ventures’ founder and managing partner Jai Choi, Japan-based Sugashita Partners’ Kiyohiro Sugashita, and Japanese venture capitalist Hirokazu.
Apart from Lazylad, the other hyperlocal marketplaces who pulled down their shutters are GetNow.at, AAGAAR.com, PepperTap, Flipkart's grocery delivery app Nearby and Ola Store.
Image Source: ShutterStock
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