Magicpin, India’s largest platform for discovery and savings in
offline retail, has raised a Series D round of $60 million led by food delivery platform Zomato. The round also saw participation from existing investors including Lightspeed Venture Partners.
Zomato, in a blogpost on November 10 said it has "...signed definitive documents for investing ~$50 million in Samast Technologies Pvt Ltd (“magicpin”) for a ~16% stake as part of a total round size of $60m.
Magicpin will use the new funds for deepening presence in existing markets, launching new markets and expanding across categories.
Founded in 2015 by Anshoo Sharma and Brij Bhushan, Magicpin drives discovery of brands and retailers across categories - fashion, food, electronics, grocery, pharma, nightlife and entertainment.
The app shows relevant offers from merchants where these points can be used to make savings. According to the company’s press statement, the app currently serves 6 million active users with nearly 25 sessions per user per month, and provides savings on nearly 170K merchants across big brands and local retailers.
The company also started home delivery from nearby stores to complete the full cycle from offline discovery to at-home fulfillment.
This investment comes at a time when Zomato is looking to diversify its bets following a blockbuster public listing. Its other investments include Shiprocket, Curefit. Moneycontrol had first reported that Zomato was in talks to invest $75 million in Shiprocket. Earlier on November 10, Moneycontrol was also the first to report that the company had a larger plan of making investments across a clutch of startups.
Zomato CEO Deepinder Goyal said: “What Zomato did with restaurants, magicpin is doing for the entire offline shopping experience. magicpin is one of the most important players in the nascent hyperlocal e-commerce space (both offline and online) – and we expect magicpin to create a tremendous amount of value for its merchant partners as well as customers going forward”.
Anshoo Sharma, magicpin's CEO and co-founder said: “Local retail is the lifeblood of our country. magicpin is helping drive omni-channel growth for local retail and enabling them to leverage the fast growing digital world. We are excited about welcoming Zomato into the company - this round puts us in a position to own and transform the offline shopping experience across India.”
Zomato has invested $275 million across four companies over the past six months and plans to deploy another $1 billion over the next 1-2 years, with a major focus on the quick-commerce space.
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