Zovi founders Manish Chopra and Satish Mani announced that they have raised $50 million to launch ‘Little’, an app only marketplace for deals in the burgeoning online to offline space (O2O). The funding is led by Paytm along with a new investor whose name has not yet been disclosed along with participation from existing investors SAIF Partners and Tiger Global Management.
Little will use the funding to build the merchant ecosystem, hire senior level talent and build new technology to focus on the Indian O2O market expected to be of worth $64 billion by 2016. The startup will offer 50,000+ live deals across 11 cities by March 2016. The company has a team of 400 people with strengths in technology, product and operations and is planning to add new people and grow the team to 1000 by March 2016.
The ‘Little’ app aims to be both a discovery platform for lifestyle consumers and sales channel for merchants. Little is on track to provide the supply of real-time hyper-local deals to customers across services like, restaurants, movies, hotels, salons, gyms, spas and other services, for merchants to market their services.
With the close partnership with Paytm, Indian mobile wallet player, Little will power the deals platform on Paytm and enable payments when a customer bags a deal. Till now the startup has seen a swift pickup amongst merchants and has already enrolled over 5,000 merchants in 11 cities across India. It expects to hit a GMV run rate of $170 million, by March 2016.