Last Updated on 22/11/2021 by Riya
Tencent has invested $12 million in an Indian hyperlocal social media platform Lokal. However, no confirmation has been made yet by Lokal regarding the funding. Lokal offers a broad array of services to non-English speaking users to communicate with one another.
It is one of the best initiatives by Lokal as several people online are not familiar with the English language hence it is quite difficult for such people to communicate or search for something online although with the help of Lokal such people can easily search and communicate with each other across India.
The app keeps users updated with job recruitments, commodity prices, real estate prices, and matrimonial updates. The app reached 5 million downloads on the play store and is used mostly in South India.
In the past few years, Tencent has invested capital in several Indian firms however, due to the new Indian rules the company slowed down its investment in India. Although, for the past few months Tencent again started participating in financing Indian firms.
Earlier this year Tencent also funded over $200 million in Indian social media network ShareChat. However, yet no confirmation has been made by the social networking site regarding the investment.
Apart from this, according to TechCrunch Tencent is also expected to raise a funding round for India-based entertainment app Pocket FM.