Hyperlocal discovery platform magicpin has raised USD 7 Mn Series B funding from existing investor Lightspeed India Partners, Waterbridge Ventures, and two global family offices. The funding round also saw participation from Srivatsan Rajan, (Chairman of Bain and Co India) and Sahil Barua (CEO of Delhivery).
The startup will use the funds to enhance the product, strengthen the leadership team, and to expand across categories and geographies. Bejul Somaia, MD, Lightspeed India Partners said in a statement:
“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 while creating compelling ‘hooks’ that cause users to engage and transact with unusually high frequency through the app.”
Gurugram-based Magicpin was founded in August 2015, by former Nexus Venture Partners VP Brij Bhushan, and Anshoo Sharma, former Venture Partner at Lightspeed India Partners. It is a local discovery, rewards and commerce platform. Merchants and brands, use the platform to engage and provide personalised offers to their customers.
Commenting on the funding, 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 neighbourhood level. This infusion of funds will help us scale across cities and categories.”
As per a company statement, Magicpin has grown 7x in the last 12 months to reach USD 40 Mn in annual business that it drives to its merchant base. The startup claims to have over 1 Mn users who have shared 5 million+ experiences and are active on the app, with average daily sessions of more than 30 minutes.
In February 2016, magicpin had raised USD 3 Mn in Series A round of funding from Lightspeed. In May 2016, it became a part of the second batch of Indian startups that joined the Launchpad Accelerator programme at Google Headquarters in Silicon Valley, California.