MagTapp raises Rs 1 Cr from existing investors, others

Mumbai-based MagTapp Technologies specialising in an image-browser and document-reading application, has recently secured funding of Rs 1 crore in a bridge round from its existing angel investors and others, the company said in a statement.

The capital will be used to further advance the development of its AI-based AdTech system.

“This infusion of capital stands poised to further cement MagTapp’s position to integrate its visual meaning API with its indigenous Ad network with many publishers in different languages to increase their monetisation aspects,” the statement read.

MagTapp is currently in the process of raising Series A funding, with Lakhani Financial Services acting as its advisory for this endeavor.

The startup assists users in understanding content by furnishing them with visual cues. To understand complex words, users can simply tap on them to receive a visual representation of the meaning. 

This obviates the need to consult dictionaries or online searches on platforms like Google. MagTapp integrates a visual dictionary with a web browser and document reader, thereby facilitating an undisturbed reading experience.

The company has recently formed partnerships with media outlets, including the NewsX group, encompassing publications like The Daily Guardian and Sunday Guardian.

As of now, the application is being used in 95 countries and is available in 41 languages.

Founded in 2019 by three friends from Bihar—Satyapal Chandra, Rohan Singh, and Abhishek Singh—MagTapp has cumulatively secured Rs 11 crore in funding to date.