Redis on shared hosting connection timed out error - redis

Question

I have a local Laravel project that uses Redis and it is running fine on local environment. But then i moved the project to a shared hosting. I installed redis there, started the redis server. I verified that redis server is up and running. But whenever i am trying to access a page i get the following error:
(1/1) ConnectionException
Connection timed out [tcp://127.0.0.1:6379]
in AbstractConnection.php (line 155)
at AbstractConnection->onConnectionError('Connection timed out', 110)
in StreamConnection.php (line 128)
at StreamConnection->createStreamSocket(object(Parameters), 'tcp://127.0.0.1:6379', 4)
in StreamConnection.php (line 178)
at StreamConnection->tcpStreamInitializer(object(Parameters))
in StreamConnection.php (line 100)
at StreamConnection->createResource()
in AbstractConnection.php (line 81)
at AbstractConnection->connect()
in StreamConnection.php (line 258)
at StreamConnection->connect()
in AbstractConnection.php (line 180)
at AbstractConnection->getResource()
in StreamConnection.php (line 288)
at StreamConnection->write('*4 $9 ZREVRANGE $15 popular_threads $1 0 $1 5 ')
in StreamConnection.php (line 394)
at StreamConnection->writeRequest(object(ZSetReverseRange))
in AbstractConnection.php (line 110)
at AbstractConnection->executeCommand(object(ZSetReverseRange))
in Client.php (line 331)
at Client->executeCommand(object(ZSetReverseRange))
in Client.php (line 314)
at Client->__call('zrevrange', array('popular_threads', 0, 5))
in Connection.php (line 72)
It is working fine in my local pc. Does it have anything to do with shared hosting? How do i solve or troubleshoot this?
TIA, Yeasir