19th May 2016, Gurgaon: In a time where more and more hyperlocal companies are fighting for survival the future one another one of such company, Lazylad seems to be in trouble. According to information received by Techstory, a delayed Series A round has caused LazyLad to cut down a large part of its workforce and the company has not yet paid them their dues.
In February this year, Techcircle reported that Lazylad was in talks to raise up to $2.5 million and had received hard commitment from some investors for pitching in atleast half of that sum. The company however has not been able to raise Series A as yet.
The company was started in April 2015 by Saurabh Singla, Paresh Goel and Ajay Sethi and received $500K in pre Series A funding in July 2015 from Hirokazu Hirokazu, Jai Choi and Kiyohiro Sugashita. LazyLad is also the first startup in the Green House Ventures’ (GHV) accelerator program and has raise $100,000 from GHV.
Hyperlocal startups seem to be going through a very tough time in India right now. Recently Grofers shut down their operation in 9 cities. On April 25 this year, PepperTap on-demand grocery web portal also shut down its operations.
Techstory has contacted the founders for comments and is awaiting response. We will update their inputs as soon as we receive them.