Gurugram-based magicpin, a discovery platform for retail, launched its operations in Jakarta, Indonesia, its first market outside India for the startup.
In India, the company claims to be operational in over 50 cities, and with this launch it aims to make its presence reach to over 100 cities in total by the end of 2019.
Commenting on the launch, Anshoo Sharma, Co-Founder and CEO, magicpin said,
“Indonesia is our first market outside India. Being a social + commerce platform, Indonesia became the first choice because of its very rich retail ecosystem and deep penetration of social media platforms like Instagram. We have started with 50,000 retailers in Jakarta city and truly believe that there is unlimited potential for rapid growth. magicpin is the first social + commerce platform in Indonesia."
This Lightspeed Venture Partners backed company was launched in 2015 by Anshoo and Brij Bhushan. It is a local discovery, rewards and commerce platform which claims to have grown 4x in the last 12 months to cross $0.5 billion in GMV at offline stores.
Anshoo added, “Our mission is to enable small and large retailers by giving them the power to get new and repeat business from their smartphones. We put our partners first, they decide how much they want to invest in marketing and when – they can invest anywhere from Rp 100.000 to 10.000.000 and magicpin will deliver the precise ROI to their stores. We are similar to what Google ad-words does for online business, just that we don’t stop at clicks but deliver footfalls and revenues to our retailers’ offline stores.”
According to the startup statement, after this launch Indonesian users will be able to earn rewards for all their offline spends. By using the unique mix of social and rewards, magicpin aims at driving more rewards and privileges for the local retailers and users in Indonesia.
(Edited by Evelyn Ratnakumar)