A local discovery and rewards platform, MagicPin has raised $20 million in a fresh round of funding led by venture capital firm Lightspeed Venture Partners US
Bengaluru 23 Nov, 2018. RedNewswire/-
MagicPin is a rewards and cashback platform for diners. Diners can earn cash back if they dine in a partner restaurant of MagicPin by uploading a photo of the bill along with a selfie with the dish.
MagicPin allows users and merchants in a locality to discover, interact, and transact, is perhaps the largest platform driving business to offline retailers and brands in the country, according to Anshoo Sharma, chief executive officer of MagicPin.
Existing investors Lightspeed India Partners and WaterBridge Ventures also participated in the round. The valuation of Magicpin is estimated to cross $100 million mark. Partners of Lightspeed US Jeremy Liew and Ravi Mhatre will join Magicpin’s board.
Anshoo Sharma, chief executive officer of MagicPin, which has raised about $30 million in equity financing in three rounds so far, confirmed the development.
Samast Technologies, the owner and operator of discovery and rewards platform MagicPin ,was founded in August 2015 by Anshu Sharma, a former venture partner at Lightspeed, and Brij Bhushan, former vice president at Nexus Venture Partners. The startup was incubated by Lightspeed.
The funding came after a long gap of 18 months since the startup has raised $7 million from Lightspeed India and WaterBridge Ventures, in May last year.
MagicPin is currently operational in 12 cities including Delhi NCR, Bengaluru, Chandigarh, Jaipur, Mumbai, Rishikesh, Coorg, Kasol.
The company claims to have more than 800,000 merchants listed on its platform, ranging from local kirana stores to big box retailers and established consumer brands such as McDonald’s, FabIndia and Hard Rock Cafe.
“We see the business that we are in as a business to drive revenue to offline retailers and brands. That, we believe, is an underserved market where there are much, much bigger opportunities than the ecommerce space,” Sharma said.
According to Sharma, Magicpin has grown 5X over the last one year and it will record gross transactions of Rs 200 crore in November, with close to 2 million monthly transactions being driven on the platform.