Three-year-old startup Little Black Book (LBB) that offers a curated online city and lifestyle guide is raising its second external round of funding from Indian venture capital firm IDG besides Indian Angel Network (IAN), a person close to the development told VCCircle.
Owned and operated by Iluminar Media Pvt Ltd, it has already received a commitment from IDG to bring in half of the total Rs 8 crore that it plans to raise. The rest will come from IAN.
IDG Ventures' spokesperson declined to comment on the development while an email to IAN did not elicit a response till the time of filing this report. The company spokesperson also did not respond to attempts by VCCircle to reach out for a comment.
Last May, LBB raised just over Rs 1 crore from Google India MD Rajan Anandan, MakeMyTrip co-founder Sachin Bhatia and Singapore Angel Network.
Started in 2012 with Delhi as a user market, it expanded to Bangalore last year after it received its angel funding round and is now charting entry into other markets, the person cited above said.
Bulk of the money from the fresh funding round will be utilised on expansion into new cities and user acquisition. It will also use the funding for hiring managers and expand its technology team.