Lithius Energy Pvt. Ltd, which operates last-mile ride-sharing service Loca Rides, has raised funding from Fosun Group affiliate Fosun RZ Capital and Stellaris Venture Partners, among others, according to the company.
Other investors that participated in the round include TaxiForSure co-founder Aprameya Radhakrishna, Vokal co-founder Mayank Bidawatka and Cloud Nine co-founder Rohit M A.
While the startup has not disclosed how much money it raised in this early funding round, a report in Mint said the company had picked up $5 million (about Rs 35.5 crore at current exchange rate) from Fosun and Stellaris.
Bengaluru-based Loca is planning to use the capital to expand its fleet in the city and establish its technical and operational teams. It is also looking to enter more cities by early next year, according to a statement by the company.
Loca co-founder Gautam Patil said the technological platform ensures that the average user gets into a taxi within two-and-a-half minutes of exiting a metro railway station.
The company was founded by Patil and Krishnakumar Ramachandran earlier this year. While Patil has earlier worked as a principal with the Boston Consulting Group, Ramachandran has built products at companies such as Amazon, Microsoft and LinkedIn.
Loca provides a ride-sharing service for short rides and currently focuses on four metro railway stations in Bengaluru. It claims its air-conditioned taxi service is cheaper than an auto-rickshaw ride.
Stellaris is an early-stage investment firm started by former Helion Venture Partners executives Alok Goyal, Ritesh Banglani and Rahul Chowdhri.
It marked the first close of its debut fund at $50 million in February 2017 and counts technology giants Cisco and Infosys among its limited partners. Companies in its portfolio include personal care brand Mamaearth, know-your-customer solutions startup Signzy and scooter-sharing startup Vogo.
Fosun RZ Capital was founded in 2013 and has its headquarters in Beijing. The firm is an independent fund and says is committed to investing in high-tech and high-growth companies in major economic regions. It has offices in countries including India, the United States (US), Israel and Singapore.