Local recommendation platform Little Black Book (LBB) has reported improved financial in FY18 as the Gurugram-based company recorded 2X jump in revenue with over 27 per cent increase in losses.
In a filing with the Ministry of Corporate Affairs (MCA), LBB reported a revenue of Rs 6.62 crore in FY18. It’s a 100 per cent jump from Rs 3.24 crore revenue in the preceding fiscal. The IDG (now Chiratae Venture)-backed firm has witnessed an increase in losses to Rs 4.74 crore from Rs 3.71 crore in FY17.
For the uninitiated, Little Black Book is a lifestyle portal that provides a recommendation for everything from places, fashion, and food to theatre and shopping across seven cities including NCR, Mumbai, Bengaluru, Pune, Hyderabad among others. Currently, it’s present in 18 categories.
Meanwhile, expense of LBB also increased by 65 per cent to Rs 11.45 crore in FY18 from Rs 6.94 crore in the previous fiscal. Employee benefits expense accounted the largest expense for the company at Rs 7.31 crore in FY18. It’s a 60 per cent increase from Rs 4.55 crore in the previous fiscal.
Besides expansion and growth, LBB has been focusing on sales of its product and services in the past 18-20 months. It can be gauged from the fact that revenue from sales of services saw a 2X jump to Rs 6.49 crore in FY18 from Rs 3.21 crore in the preceding financial year.
So far, the company has raised about Rs 15.6 crore across three rounds from Blume Ventures, IDG and Indian Angel Network (IAN) and Singapore Angel Network. In October 2017, it secured Rs 6.5 crore led by Blume.
Horizontally, LBB competes with the likes of JustDial and Sulekha while Zomato, BookMyShow, and Tripoto are vertical competition.