LOKAL raises pre-seed round of funding at a valuation of $10 million
Lokal claims to be Pakistan’s 1st chain of budget hotel rooms and has raised $10 million in the round of funding. It was led by Wahed X, along with UAE angel investors and Silicon Valley.
WahedX’s has for the 1st time invested in Pakistani startups. For now, Lokal is concentrating on developing its functions within Pakistan but has future plans to develop with other emerging markets in Southeast Asia and MENA region.
Asim Kidwai, co-founder at Lokal said, “We saw an opportunity to bridge the gap between the high demand for short-term budget stays and the lack of technology and expertise for local property owners to deliver a world-class experience.”
Co-founder Khurram Kidwai said, “We’re creating a network of standardized budget hotels… Whether you’re in Karachi or Murree or Kashmir, the idea is that the room and all that’s inside it — from the paint on walls to utensils in the bathroom — will be standardized. Lokal’s cutting-edge platform is designed to upgrade the facilities and services of local properties, and help property owners, big or small, to operate short-term stays efficiently, enhance customer satisfaction, and boost occupancy. With this funding, we’ll be able to expand our network and bring this experience to more travelers in more markets.”
CEO at WahedX Safdar Alam said, “We are very pleased to close our first investment in Pakistan. It’s exciting to be a part of LOKAL’s journey and I think, particularly as Pakistan moves into a new wave of tourism in 2023, it can be part of the remedy the tourism sector needs to help bolster growth. We believe it is important for all investors to have access to opportunities to grow their wealth in a meaningful way that directs capital to businesses that are aligned with their values. We will continue to bring more ethical deals like this one to the market.”
Kidwai said, “Its contribution to GDP in comparable economies is around 10pc, which shows the segment is currently “supremely underdeveloped. Everything is being managed by technology and artificial intelligence, which makes it possible for us to sit in Karachi and be able to look at all our rooms and conditions.”
For travelers facing a shortage of secure, dedicated, and reasonable lodging issues, Lokal is solving the problem arising in markets. Lokal is building a grid of standardized budget hotel rooms that shows tourists high-quality visits.