Bengaluru-based hyperlocal social media platform Lokal posted a revenue increase of over 21.6% in FY24, reaching Rs 24.5 crore compared to Rs 20 crore in FY23.
Lokal operates as a hyperlocal news platform that provides local news, information, and classifieds to users. It allows users to download videos, set WhatsApp statuses, access employment exam updates, and get real estate and commodity price updates.
Founded by Vipul Chaudhary and Jani Pasha, the company has raised a total of Rs 236.23 crore through 4 funding rounds. The latest round, a Series B, was raised in April 2023.
3One4 Capital holds a 5.59% stake in the company, with ESOPs accounting for 3.25% of the shares, while Ananyashree Goenka holds 1.50%.
The company’s expenses decreased by 20.4%, with employee benefit costs accounting for 41.95% of total expenses in FY24, up from 29% in FY23. Advertisement costs accounted for 17.94% of total expenses, while other expenses made up 35.5%, down from 68% in FY23.
Despite these improvements, Lokal remains unprofitable, booking a loss of Rs 33.46 crore in FY24, down from Rs 52.65 crore in FY23. However, the EBITDA margin improved significantly, rising to -135.36% in FY24 from -260.12% in FY23, while the ROCE improved to -37.58% in FY24 from -50.16% in FY23.