BackDeals discovery app Little raises $50 million
Little raises $50 million from mobile recharge firm Paytm, SAIF Partners and Tiger Global Management
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Bengaluru: Deals discovery app Little has raised $50 million from mobile recharge firm Paytm, SAIF Partners and Tiger Global Management as it aims to dominate the deals market across offline service providers such as cinemas, restaurants and spas, said a company statement on Wednesday.
Little, a mobile app-only platform, provides real-time hyperlocal deals to customers across services like restaurants, movies, hotels, salons, gyms and spas. The company said it has already enrolled over 5,000 merchants in 11 cities and expects to generate annualized gross sales of $170 million by next March.
Little Internet Pvt Ltd is run by Manish Chopra and Satish Mani, both of whom co-founded online fashion brand Zovi. Both Chopra and Mani continue to run Zovi, which is also backed by SAIF and Tiger Global. Little will also power the deals platform on Paytm, India’s largest mobile wallet provider.
“We believe that the deals space is broken in India with little focus on personalization, timeliness and ease of redemption," chief executive officer (CEO) Chopra said. “With Little, we aim to change this by offering a real time, personalized and location-based marketplace which can offer contextual and purposeful deals as it learns one’s usage habits. Little’s differentiating strength and power will come from having the largest and deepest merchant base who see Little as their ‘sales partner’ for enabling them to get profits from selling their services."
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