Gurugram-based content startup Little Black Book has raised ₹35 crores ($5 million) in series A round from Inventus India and IAN Fund. Japanese investors Dream Incubator and Akatsuki Entertainment Technology (AET) Fund as well as existing investors Blume Ventures, and Chiratae Ventures also participated in the funding round.
Founded by Dhruv Mathur and Suchita Salwan in 2012, Little Black Book is a lifestyle portal that provides recommendations for everything like fashion, places and food to theatre and shopping. It currently operates and provides info about eight cities including Mumbai, Delhi NCR, Pune, Hyderabad, Bengaluru and others.
The startup currently provides recommendations in 18 categories like travel, restaurants, shopping and nightlife. With the freshly raised funds, the company expects to expand into more cities and integrate more activities on the platform. The major challenge for the startup is to constantly update existing recommendations articles that are outdated and have lost relevancy.
The startup is also referred to as LBB more often. LBB had witnessed a 2X jump in its revenue in FY 18 from ₹2.34 crores to ₹6.62 crores while the losses also increased from ₹3.71 crores in FY18 to ₹4.74 crores in FY18.
Earlier in 2017, LBB raised ₹6.5 crores from Blume Ventures, IDG Ventures and Indian Angel Network. Prior to that in 2016, the company raised seed funding of ₹8.4 crores ($1.2 million) from Indian Angel Network and IDG Ventures. The company has raised ₹51.1 crores ($7.3 million) in funds since its inception.