Local recommendations and discovery platform Little Black Book (LBB), run and owned by Luminar Media, has raised Rs 6.5 crore from Blume Ventures, and its existing partners, IDG Ventures and Indian Angel Network (IAN).
Along with scaling its revenue streams and strengthening its product, the startup will use the fresh capital to expand the company’s footprint in India as well as in global markets. The company’s co-founders said in a statement that “International markets with a millennial audience is going to be the next big opportunity for us.“
LBB’s Appointments: Note that two weeks ago, Little Black Book (LBB) had made senior level appointments. It appointed Anshul Khandelwal and Manik Malhotra as the Head of Marketing & Growth and the Chief Revenue Officer respectively.
Launched in 2012 by Suchita Salwan & Dhruv Mathur, LBB generates community-led recommendations across categories, providing unique local discoveries. It claims to have 30,000 recommendations across 18 categories, with around 2 million users per month across 8 markets in India including Delhi, Mumbai, Bangalore, Pune, Kolkata, Chennai.The company said in a statement that it has grown over 300% with respect to user-reach, and 500% with respect to revenue-growth, and from 1 to 8 cities in the last 12 months.
The startup raised $1.2 million in funding led by IDG Ventures India, and Indian Angel Network in June last year, to expand into newer cities, and upgrading technology. In 2015, they had raised a seed investment of $150,000 (just over INR 1 crore) from a group of angel investors which included names like Rajan Anandan, Sachin Bhatia and others.
Competition: While LBB may not have an immediate rival, it largely competes with the biggies such as BookMyShow, Zomato, and JustDial.