Krishnan Sundararajan's Loka: The App That Allows You to Travel the World from Your Phone

Loka is a startup company founded by Krishnan Sundararajan in Delhi, India. Krishnan Sundararajan is a B.Tech graduate from SRM University who also pursued an android course. He is a repeat entrepreneur who previously started a food tech company named Foodiebaba in 2015, which unfortunately failed. However, he learned valuable lessons from the experience, such as the importance of trusting data over instincts, building the right team, and timely pivoting.

Krishnan Sundararajan noticed a problem with technology; although it connects people, it also detaches them from the outside world. Therefore, he believes that technology is both the problem and solution. To solve this problem, he created Loka, India's first meta verse app that provides real-time and real-place experiences through a third-party app.

AIM OF THE STARTUP

The aim of Loka, India's first meta-verse app, is to provide users with real-time and real-place experiences through a third-party app, thus tackling the problem of disconnection that technology can sometimes create. Loka enables users to create digital avatars and explore different locations, talk to people, and enjoy the environment of various places. The ultimate goal is to help people feel more connected to the world around them, overcoming the negative impact of technology on human interaction. By providing a unique solution to the problem of detachment caused by technology, Loka is paving the way for a more immersive and interactive future.

BUSINESS MODEL OF LOKA

Loka is a meta-verse app that provides real-time and real-place experiences to users through a third-party app. It allows users to create digital avatars and explore different locations, talk to people, and enjoy the environment of various places. Loka also provides users with the option to go shopping on Flipkart or Myntra, which opens directly in the app.

Loka could potentially earn revenue through partnerships with companies like Flipkart or Myntra, where they could earn a commission on the sales made through their app. Additionally, Loka may charge a subscription fee to access certain features of the app or offer in-app purchases to enhance the user experience.

Another potential revenue stream could be through the sale of virtual real estate within the app. This could allow users or businesses to create their digital spaces within Loka, such as a virtual storefront or event space.

Loka's business model appears to be a combination of partnerships, subscriptions, in-app purchases, and potentially the sale of virtual real estate.

FUNDING IN SHARK TANKS INDIA

The company's valuation was stated to be 8 crores.

Krishnan Sundararajan, the owner of Loka, asked for 40 lakhs in exchange for 5% equity. However, the sharks, Anupam, Peyush, and Aman, gave a joint offer of 40 lakhs for 25% equity. Krishnan Sundararajan then countered their offer by proposing 40 lakhs for 20% equity. However, the joint offer by the three sharks countered again by offering 40 lakhs for 24% equity.

In the end, the final deal was done with Anupam, Peyush, and Aman, who agreed to invest 40 lakhs for 24% equity in Loka. It is not clear whether this funding would be sufficient to finance Loka's future plans, but it is a significant investment for a startup that is trying to establish itself in the Indian market. The funding could be used to scale up Loka's operations, develop new features for the app, and potentially expand into other markets.