Hyperlocal startup MagicPin raises $7 million from Lightspeed, Waterbridge
The company has received a total of USD 10 million in funding and covers more than 30,000 merchants in Delhi
May 31, 2017 / 06:03 PM IST
Hyperlocal rewards and cashback platform MagicPin has raised USD 7 million in Series B funding from Lightspeed India Partners and Waterbridge Ventures. Angel investors Srivatsan Rajan (Chairman, Bain & Co India) and Sahil Barua (CEO, Delhivery) also participated in the round.
The startup uses location intelligence to deliver discovery, recommendations and rewards for local experiences.
MagicPin app allows customers to earn cash back if they dine-in at a partner restaurant by uploading a photo of the bill along with a selfie with the dish.
Anshoo Sharma, Co-founder & CEO, MagicPin, said, “Spending is shifting from ownership to experiential happiness - dining out with someone special, chilling out with friends in a coffee shop, a walk through Old Delhi, or simply shopping from the secret pop stores selling international labels in local markets.”
“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 to participating merchants,” said Bejul Somaia, MD, Lightspeed India Partners.
The company was founded in 2015 by Sharma and Brij Bhushan who were colleagues at Bain & Co and immediately prior to MagicPin were investors at Lightspeed Venture Partners and Nexus Venture Partners respectively.
The company has received a total of USD 10 million in funding and covers more than 30,000 merchants in Delhi.