[Funding alert] Local discovery platform LBB raises Rs 7 Cr in debt from Alteria Capital
Summary
At that time, the startup said it would use the capital to expand its technology and product team with a focus on machine learning for discovery, and integration of content with commerce. A web and app-based platform, LBB claims to have over three million users every month, connecting them to over 60,000 local brands and businesses across eight markets in India, including Delhi, Mumbai, Bengaluru, Pune, Kolkata, Hyderabad, and Chennai. The venture debt firm said it would use the capital to target startups across early and growth stages with cheque sizes ranging up to Rs 100 crore. In June 2019, the fund infused Rs 80 crore debt capital in digital lender Lendingkart, which has been described as the single largest investment by the firm. With a team of 11 members, Alteria Capital had also backed some of India’s most exciting and innovative emerging companies previously including Byju’s, Swiggy, OYO Rooms, Myntra, and Firstcry among others.