Hyperlocal startup “MagicPin” raises $7mn from Lightspeed & Waterbridge Ventures

img

Gurgaon-based hyperlocal discovery platform magicpin has raised $7 mn funding from existing investor Lightspeed India Partners, Waterbridge Ventures and two global family offices.

Angel investors Srivatsan Rajan, Chairman, Bain & Co India and Sahil Barua ,CEO of Delhivery also participated in the round.

Magicpin was founded in August 2015, by former Nexus Venture Partners VP Brij Bhushan, and Anshoo Sharma, former Venture Partner at Lightspeed India Partners.

The startup uses location intelligence to deliver discovery, recommendations and rewards for local experiences.

MagicPin plans to use this latest funding to enhance the product, strengthen the leadership team, and to expand across categories and geographies.
Anshoo Sharma, Co-founder & CEO, magicpin said..

“Over the last 12 months we have invested in building a product that delivers strong user retention and purchase frequency and validating unit economics at a neighborhood level. This infusion of funds will help us scale across cities and categories.”

Bejul Somaia, MD, Lightspeed India Partners said…

“The vast majority of commerce is and will continue to be, transacted offline. MagicPin’s metrics reflect early but exceptional success in capturing smartphone-wielding users and directing their offline spend to participating merchants.”

Magicpin is a platform for merchants and brands to engage and provide personalized offers to their customers. MagicPin app allows customers to earn cash back if they dine-in at a partner restaurant by uploading a photo of the bill along with a selfie with the dish.

As per a company statement, magicpin has grown 7x in the last 12 months to reach $40 Mn in annual business that it drives to its merchant base. It has over 1 million users which are active on the app, with average daily sessions of more than 30 minutes.

Magicpin is currently live in Delhi/NCR, Mumbai and Bangalore.

Featured image source

Also Read:  Automotive Clock Spring Market: Increased Attention toward Road-safety Likely to Fuel Demand