Little Black Book, which is a Delhi based platform to find and shop from the local brands and businesses, has now secured INR 7 crore in the debt funding round by allocating around 700 Series A debentures shares for the cost of INR 100000 per share to the Alteria Capital India Fund-I, according to the report which has been revealed.
In the month of April 2019, LBB secured $5 million in the funding round of Series A led by the IAN Fund and Inventus India with the collaboration from the Japanese investors Akatsuki Entertainment Technology and dream Incubator Fund, and with some of the existing investors of Chiratae Ventures and Blume Ventures. At the same point of time, the startup also revealed that it would use the capital to expand its technology and product team with a focus on the machine learning for the integration of content and discovery with commerce.
An app and web-based platform, LBB also claims to have around 3 million users every month which connects them to around 60000 local brands and business across the eight markets which includes the Mumbai, Delhi, Pune, Kolkata, Chennai, Hyderabad and Bangalore.
The company which is founded in the year 2013 by the Suchita Salwan and Dhruv Mathur, and as of now, the company had secured $7.5 million till date.
By the end of this year, the company is even looking to have a current team of 120 people from the existing 85 people.