Magicpin, a Gurugram-based local discovery, rewards, and commerce platform, announced it 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. Till now, the company has raised $31 million in five rounds of funding.
Magicpin was founded in 2015 by Anshoo Sharma, an ex-investor at Lightspeed Venture Partners, and Brij Bhushan, ex-investor at Nexus Ventures. The company claims to be the largest marketing platform for offline retail in India, driving $1B+ of annual business to retailers across the country.
Recently, due to the coronavirus lockdown the company has forayed into grocery delivery services. Last year, the company announced entering into foreign markets such as Indonesia.
According to 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.
Earlier, Magicpin raised Rs 130 crore 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 that funding round.
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.
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.
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