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HomeSuccess StoryLocobuzz Success Story: Unified Digital Customer Experience Management Platform

Locobuzz Success Story: Unified Digital Customer Experience Management Platform

Locobuzz Success Story 

Locobuzz Success Story Locobuzz leverages technology to help brands strengthen their relationships with consumers and increase the lifetime value of a customer!

It is a unified customer experience platform that uses various technologies like Artificial Intelligence, Machine Learning, Big Data, Analytics to enable brands to effectively engage with their customers and in turn form strong and long-lasting relationships. Founded in 2016, the startup aims to democratize access to technology and envisions empowering companies to foster lasting relations with their consumers.

Locobuzz – Company Highlights

  • Startup Name-Locobuzz
  • Founders-Vishal Agarwal (CEO)
  • Headquarters-Mumbai
  • Founded-2016
  • Industry-Consumer Experience, SaaS
  • Website-locobuzz.com

Locobuzz – About and Vision

Locobuzz is a unified customer experience platform that uses various technologies like Artificial Intelligence, Machine Learning, Big Data, Analytics to enable brands to effectively engage with their customers and in turn form strong and long-lasting relationships. The startup likes to think of itself as a technology bridge connecting brands with its consumers.

In the near future, the team wants to ensure that Locobuzz has all the bells and whistles needed along with important data sources to be the perfect consumer experience platform and in the long term, the startup also wants to venture into enabling brands to reach out and identify new customers and manage their marketing campaigns via its platform.

Locobuzz – Industry Details

In 2019, the entire total CX management market is sized at around 16 billion dollars but post the pandemic, data reveals that by 2023, it is expected to grow to about 25 billion dollars by 2023. It is evident that the pandemic has been a catalyst for the increased growth rate in demand and supply of digital customer experience management. Businesses have moved online and become digital, users are becoming more attuned to the concept of “self-serve” and are becoming digitally-centric when it comes to their interactions with brands while setting new expectations about customer engagement standards.

If you look at it, the CX market is vastly broken into three major services – web analytics, content management, and text analytics – this is where the majority of the market share goes and these are the areas Locobuzz operates in. With the events surrounding the pandemic in the past two years, it believes that the market will grow upwards to a CAGR of 20%. Locobuzz has always witnessed significant growth in its monthly revenues and a 100% growth in its monthly recurring revenue – which to the team, is both a sign of positivity and a remarkable opportunity to add value with their work and more.

Locobuzz – Startup Idea and Inspiration

Locobuzz was founded in Mumbai in 2015. The founders had a strong belief that unstructured social media data if analyzed and understood right and combined with the right use of technology is a powerful tool. Hence the idea of combining powerful analytics, driven by data from various social media channels gave rise to the creation of “Locobuzz – Location-based buzz”.

Thus, Locobuzz evolved into a fully integrated, unified Customer Experience Platform. Locobuzz builds software to smartly connect brands and customers to each other!

  • Listen, Analyze and Engage with their customers
  • Automated customer interactions using AI
  • Realtime Data Analytics Hub, Research and Insights
  • Marketing and Advertising intelligence

Locobuzz currently works with close to 150 reputed clients across geographies.

Locobuzz – Product/Service and USP

Customer satisfaction can be optimally achieved with two critical factors: The use of powerful AI-led technologies that aid omnichannel digital presence, and secondly, deep customer and market insights drawn from social listening and big data analytics that propel brand growth. The most essential differentiator between good technologies and great technologies is their ability to process large volumes of data intelligently, and in real-time to propel brand growth. Locobuzz does exactly that. Without a doubt, social listening, big data analytics, and well-developed AI automation are the need of the hour for brands across sectors, with no exceptions.

Therefore, to summarize what Locobuzz does is: It leverages technology to help brands strengthen their relationships with consumers and increase the lifetime value of a customer!

Locobuzz – Products/Services USP

At Locobuzz, the team focuses on building technology that facilitates brand growth through social intelligence and AI-led automation. Locobuzz uses NLP and NLU capabilities which are developed in-house which enrich customers’ data to include a variety of customer data attributes such as age, gender, opinion, location, and 18 other such attributes with 90% or more accuracy and F1-Score. Using this Locobuzz automatically recommends what response should be sent out to the customer as well.

Locobuzz’s scalable architecture automatically caters to higher data volume and adjusts/self-corrects in case of any anomalies. The Locobuzz dashboards present data in real-time without any unnecessary overheads and reduce server costs. Its command center leverages this technology and presents insightful data for brands to act upon.

Locobuzz recognizes the role of machine learning and is investing heavily in it. In its product roadmap, many features such as, content recommendation engines, virality alerts, productivity, and workforce optimizations, etc are based on machine learning which is currently non-existent in this domain. It also has VOIP integrations to deliver a complete omnichannel experience.

Locobuzz – Founders and Team

Vishal Agarwal, Nitin Agarwal, and Shubhi Agarwal are the founders of Locobuzz.

Shubhi Agarwal

In her current role, Shubhi oversees product development and envisioning long-term productivity of incremental changes, upgrades, and innovations. Shubhi is responsible for creating visibility of the product and curating beneficial associations between businesses and opportunities in Artificial intelligence and digital customer experience.

Nitin Agarwal 

Nitin, in his current role, is responsible for building winning teams and delivering innovative and secure technological solutions leveraging AI, Analytics, big data, and automation to streamline Digital Customer Experience. Nitin holds a bachelor’s degree in mechanical engineering and has 14 years of experience in designing and developing B2B and enterprise applications. Nitin was one of the leading professionals in the industry to identify the early advantages of using artificial intelligence and machine learning in customer experience and analytics, thus placing Locobuzz at the forefront and leader of innovation in this domain. Nitin has been responsible for enabling the seamless integration of the platform with various business demands and processes. His innovation mantra is that technology should be reliable, stable, and easy to use.

Locobuzz – Launch and Marketing Strategies

The journey of Locobuzz began a few years earlier to its launch in 2015 when the idea of utilizing big data analytics for customer insights and brand upliftment was something that the market was yet to truly discover. Upon deciding to create a product and an opportunity in a market like that, it had to really sell its value to its buyers.

The initial formation of Locobuzz’s product and its road map was very heavily governed by its client and close partners when it started out, but as Locobuzz grew to become a unified SaaS product, it was slowly able to transform from customized solutions for every challenge and embody a certain branded uniformity which could house the sector-agnostic challenges on a single dashboard.  

Having said so, Locobuzz still caters to needs for the integration of diverse CRMs that are now handled easily in a plug-and-play model. After it  was successful in impressing a few clients with the work it had done for other businesses, it was able to build a lot of trust and confidence in the kind of work it was doing.

“We as a startup have been able to compete with some of the market leaders in our direct space and hold our ground really well. So, now when we reach out to customers it’s quite different – we focus a lot on making sure that our inbound engine is much stronger than our outbound engine” – Vishal added.

Locobuzz’s marketing strategies are appropriately adjusted to reach out to the overseas market. For example, e-mail marketing is a crucial part of its overall strategy of touching base with potential customers in the US and India, on the other hand, its dedicated Pre-Sales team connects with those expressing interest in this space.

Locobuzz – Challenges Faced

The biggest challenge that Locobuzz faces is that it will be compared to the global players in the same industry. In the initial phases of the firm’s establishment, the team were asked (all the time!) if such a small company would exist in a few years.  There were times where they had to disclose its financials to close some deals and prove that they were indeed a profit-making company.

Locobuzz – Growth

The future looks promising as the company is doing well, the team at Locobuzz is constantly building new products, acquiring new customers, achieving targets as per the expectations of the monthly recurring revenue. Locobuzz has already registered 60% of the growth over last year in just 6 months, and it is on track to a great year and push for significant growth in revenues and presence in some new key markets.

Locobuzz – Funding and Investors

In April’21, Locobuzz raised pre-series A for INR 9 Crores from SIDBI Venture Capital Ltd.

Locobuzz – Competitors

Locobuzz’s top competitors are – Konnect Insights, One Direct, Simplify 360, Meltwater, Salesforce, Sprinklr, Yellow Messenger, Talkwalker and Khoros.

Locobuzz – Future Plans

Locobuzz recently received its first round of funding. Through the funds raised, it is looking at expanding its technology teams, business development team, client services team with critical hires as well as focused marketing efforts. From a product perspective, the startup believes that analytics and automation for messaging channels are going to be a big deal, so the team is focusing on creating products to increase the value and adoption of these tech solutions, eventually garnering the future potential of revenue.

Locobuzz is looking at expanding to newer geographies such as the US and southeast Asia. It has already begun to create brand visibility and engagement – Locobuzz was recently a part of a US-based Omnichannel CX event and participated as silver sponsors to the event

Locobuzz – FAQs

What is Locobuzz?

Locobuzz is a unified customer experience platform that uses various technologies like Artificial Intelligence, Machine Learning, Big Data, Analytics to enable brands to effectively engage with their customers and in turn form strong and long-lasting relationships.

Who founded Locobuzz?

Vishal Agarwal, Nitin Agarwal, and Shubhi Agarwal are the founders of Locobuzz.

Is Locobuzz an Indian company?

Yes. Locobuzz is an Indian company headquartered in Mumbai.

How much funding has Locobuzz raised?

In April’21, Locobuzz raised pre-series A for INR 9 Crores from SIDBI Venture Capital Ltd.