[Funding alert] Magicpin raises Rs 29.3 Cr from Lightspeed Venture Partners, others
Gurugram-based local discovery, rewards, and commerce platform Magicpin has raised funding of Rs 29.3 crore led by Lightspeed Venture Partners, along with the participation of Moonstone Investments, WaterBridge Venture, The Bunting Family Private Fund, and Srivatsan Rajan, according to the RoC documents.
Magicpin was founded in 2015 by Anshoo Sharma, an ex-investor at Lightspeed Venture Partners, and Brij Bhushan, ex-investor at Nexus Ventures.
Due to the Coronavirus lockdown in the country, Magicpin has currently forayed into grocery delivery.
Magicpin also debuted in international markets such as Indonesia last year. On its website, Magicpin has more than five million users, and is currently live in Delhi, Gurugram, Noida, Bengaluru, Mumbai, Pune, Hyderabad, Chandigarh, Jaipur, Goa, Chennai, and Ahmedabad, and is quickly spreading to more cities and countries.
Magicpin previously raised Rs 130 crore ($20 million) funding in November 2018, which was led by Lightspeed Venture Partners. Existing investors Waterbridge Capital, Srivatsan Rajan, Chairman, Bain & Co India had also participated in the round. So far, the startup has raised $31 million in five rounds of funding.
Magicpin uses a social and gamified approach of using user-generated pictures and videos to help discover retailers and brands. Consumers earn reward points for shopping at partnered retail outlets, buying specific brands, and also through augmented reality gameplay at a merchant location.
Magicpin initially started on WhatsApp, as the founders wanted to first understand the needs of the retailers and help them connect with consumers.
Initially, they started with the food and beverage segment. Magicpin users typically share their experiences across different categories like restaurants, fashion, and beauty through pictures. Posts by other users inspire them to discover and try new experiences with the added benefit of rewards for spending at participating merchants.
The platform uses location intelligence to give users information, recommendations, and rewards on different retail experiences. The startup then provides merchants with consumer data as well as a dedicated marketing platform to help and encourage repeat buying.
Edited by Megha Reddy