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Zovi Founders raise $50 mn for their app-only deals marketplace ‘Little’

The founders of
online retail platform Zovi recently raised $50 million for their consumer
lifestyle deals marketplace app, called Little. The investment round was led by
Paytm, SAIF Partners, and Tiger Global, and a large new undisclosed investor. 

The funding will be deployed to build the largest merchant ecosystem, build new
technology and hire senior talent, an official statement said. Paytm will power
the payments aspect of the deals platform.  

The founders of
online retail platform Zovi recently raised $50 million for their consumer
lifestyle deals marketplace app, called Little. The investment round was led by
Paytm, SAIF Partners, and Tiger Global, and a large new undisclosed investor. 

The funding will be deployed to build the largest merchant ecosystem, build new
technology and hire senior talent, an official statement said. Paytm will power
the payments aspect of the deals platform.  

According to a NDTV
Gadgets
report, Little is targeting a GMV (gross merchandise volume) run rate
of $170 million (roughly Rs. 1,086 crores) and plans to host over 50,000+ live
deals by March 2016. The company is already 400 people strong, and expects to
build a 1,000 person team by March 2016.    

The Little app is available for download on Android, iOS, and Windows
Phone, and claims to have already enrolled over 5,000 merchants in 11 cities
across India. Little aims to be a discovery platform for its users and a
significant sales channel for merchants, providing hyper-local deals to
customers for restaurants, movies, hotels, salons, gyms, spas, and other
services. 

Merchants will be able to use Little as a personalised sales platform that they
can use to gain intelligence about customers in the vicinity, send timely
notifications, and offer relevant deals in a matter of seconds with just a few
clicks. 

According to the founders, the deals space is broken in India, with little
focus on personalisation, timeliness and ease of redemption. “With Little,
we aim to change this by offering a real time, personalised and location-based
marketplace which can offer contextual and purposeful deals as it learns one’s
usage habits.” Manish Chopra, CEO & Co-Founder of Little was quoted in
the report as saying. “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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