[Funding alert] magicpin raises $7M from Samsung Venture, existing investors
Hyperlocal discovery platformon Wednesday said it has raised $7 million (Rs 52 crore) from Samsung Venture Investment Corporation (SVIC), and saw participation from existing investors Lightspeed and WaterBridge.
The latest funding is part of magicpin’s ongoing Series-D round. According to a statement released by the startup, the funds will be mainly used for business expansion and to develop new products.
The Gurugram-based company also announced the launch of ‘magicStore for Retailers’ to help them set up their online presence, and said it will not charge any commission to the retailers.
Team at magicpin
Founded in 2015 by Anshoo Sharma and Brij Bhushan to drive discovery for offline retail, magicpin enables consumers to save on their retail spending across food, fashion, beauty, grocery, and pharmacies, and provides a marketing solution to large/small retailers as well as manufacturing brands.
Speaking about the development, Anshoo Sharma said, "The investment from Samsung Venture Investment Corporation will be used in our operations across cities, markets, categories, and for developing online products like magicStore."
The company said, in addition to the traditional catalog-based ordering system, magicStore will offer an AI-powered list-based ordering system, which will be similar to how customers order from grocery or pharmacy stores over phone or WhatsApp. The order is then delivered by the retailer’s staff or magicpin enables delivery to the customer through its 3PL delivery partners.
The company also rewards consumers in the form of cashbacks or points for visiting and spending on outlets that are listed on its platform or some of the branded outlets.
The startup claims to have scaled up to $1 billion+ of GMV across 500K unique retailers in India. Other than small retailers, magicpin also drives discovery and business for large retailers like Lifestyle, Westside, Shoppers Stop, Levi’s, Wrangler, Croma, McDonald's, CCD, KFC, FabIndia, Taco Bell, as well as manufacturing brands like P&G, Tata Global, PepsiCo, Diageo, Godrej, and ITC.