Magicpin, a local market focused, Gurgaon-based startup has announced an investment of about $3 million in its Series A from Delhi-based early stage venture firm Lightspeed Venture Partners. The startup was incubated at Lightspeed, since May last year.
Magicpin operates by creating online communities of users and merchants that visually capture and hence drive the local buzz, activities and transactions. This enables them to help the communities discover trending events and interesting people in their locality. Along with that, you can gain followers and likes in the process. Magicpin is acting as a visual referral network and a means for customer acquisition and customer engagement for the local markets.
On this development Bejul Somaiyya, managing director, Lightspeed said in a statement that there are huge opportunities in the hyper-local market space. Anshoo Sharma, CEO of Magic Pin said in a statement:
“Offline retail is a market that is 100x the size of ecommerce in India and constitutes millions of merchants providing services like restaurants, fashion, spa, beauty, yoga, sports, gym, etc.,….This market is ripe to get disrupted as internet users in India move towards 600 million by 2018.”
Magicpin is the platform where users and merchants in a locality discover, interact and transact. For merchants, we are the go-to platform for spotlighting their uniqueness while boosting their revenues and utilization through real-time promotions, loyalty programmes and content updates. For users, we are the destination to find out the buzz in their locality and discover interesting people to connect with and events / merchants to go to.
Lightspeed Venture Partners is an early stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise and Consumer sectors. Over the past two decades, the Lightspeed team has backed and helped build more than 200 companies globally, many of which have become market leaders. The Firm currently manages over $3 billion of committed capital and is currently investing out of Lightspeed X, a $635 million fund and Lightspeed Select, a $430 million fund.