HyperLocal Discovery startup MagicPin has secured $7 Million of Series B funding. The funding round was led by Lightspeed India Partners, Waterbridge Ventures, and two global family offices. The funding round also saw the participation of Srivatsan Rajan, the chairman of Bain and Co. India; and Sahil Barua, founder and CEO of logistics company Delhivery.
Previously in February 2016, the startup has raised $3 Million of Series A funding from VY Capital and Light Speed Partners.
The Gurgaon-Based startup was founded in August 2015 by former Nexus Venture Partners VP Brij Bhushan, and Anshoo Sharma, former Venture Partner at Lightspeed India Partners. MagicPin is the platform where users and merchants in a locality discover, interact and transact. The go-to platform spotlights their uniqueness while boosting the revenues and utilization through real-time promotions, loyalty programs and content updates.
Their user’s committee named ‘Magicians’ share the local experience through picture stories which includes in categories like restaurants, nightlife, beauty and fashion. The users get ‘Magician Points’ which will be useful to get more service advantages.
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.”
He added. ” We are entering FMCG brands as a new category immediately and are going live across 10 more cities including, Pune, Hyderabad, Chennai, and Ahmedabad over the next six to 12 months.”
MagicPin has the employee base of over 200 people and operates in cities like Delhi-NCR, Mumbai and Bangalore. The fresh funds will be utilized in enhancing the product, strengthening the leadership team, and to expand product categories and geographies.
Commenting on the investment, 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 for participating merchants.”
In Past nine months, More than 45 hyperlocal start-ups have raised $270 million from venture capital (VC) firms and other investors. India’s market for the Hyperlocal discovery was worth $2 billion in 2014 and is estimated to grow up to $19 billion by 2019. Read more about Indian Startup Ecosystem.