21 December 2016, India:
Bengaluru-based Online to offline marketing platform The BlueBook has raised $500,000 in the latest seed round of funding.
The round was led by Indian Angel Network and LetsVenture and a clutch of angel investors including Srinubabu Gedela, CEO of OMICS International, Avinash Vashistha member of IAN and former Chairman & Country MD at Accenture as well as Rajiv Mehta, CEO at Arvind Lifestyle in their personal capacity.
Varun Kumar Akula, Co-founder & CEO, The BlueBook said, “The capital raised will be deployed in consolidating the merchant and user base in Hyderabad, Bangalore and Gurgaon, apart from investing on the product & technology to offer deep customer analytics, loyalty solution for merchants and a unique payment solution.”
Commenting on the investment, Padmaja Ruparel, President, Indian Angel Network said, “We at IAN believe that BlueBook has global & compelling product with a potential to cater to a high growth market. We are confident that with the right mentorship and market access that IAN provides them, they will scale to become one of the largest brands in the O2O space.”
Talking about the company’s model, Shanti Mohan, founder, LetsVenture said, “BlueBook is a refreshingly smart venture in the O2O space – a space flooded by companies with high burn rates and questionable business models. BlueBook, in contrast, has been successful in creating both positive unit economics & scalability, making it a lucrative proposition for investors on the LetsVenture platform.”
Avinash Vashishta and Srinubabu Gedela will join the board of BlueBook as a part of the deal.