Digital coupon and cashback platform, LafaLafa has raised unspecified amount in seed round of funding from Hong Kong based Vectr Ventures. This is also first time, Vectr Ventures has invested in any Indian startup. The startup will use the fund to strengthen its back-end technology and expand its business in Asia.
Yellow Brick Road owned, LafaLafa was founded by Yosha Gupta in January this year. The startup offers coupons for more than 500 websites including FlipKart, Paytm, Snapdeal, FreeCharge. Users can search for coupons for various websites. The company also give cashback, if you purchase form their partnered stores. Currently, the app has more than 500,000 downloads on Google Play Store.
The founder of LafaLafa, Yosha said about the development, “they (Vectr Ventures) have an interesting portfolio of startups with…very strong ties in China and Hong Kong. We were sure we wanted them on board in our journey especially as we expand in the rest of Asia.”
LafaLafa had also raised $125K of funds from US based startup accelerator cum early stage Venture Capital firm 500 Startups. The company faces competition from other Indian startups in this sector. Some other startups, who offer cashback and coupons, are Cashkaro, CouponDunia, GoPaisa, CouponRaja, etc.