New Delhi: Magicpin, a platform for discovery and savings in offline retail, on Wednesday said it has raised USD 60 million (about Rs 446 crore) in funding led by Zomato.
The Series D round also saw participation from existing investors, including Lightspeed Venture Partners, a statement said.
MagicPin will use the funds to strengthen its presence in existing markets, launch new markets and expand across categories.
The company has so far raised around US$100 million. Magicpin searches for brands and retailers across categories such as fashion, food, electronics, grocery, pharma, nightlife and entertainment. Users transact on the app using multiple methods and earn points on each transaction.
The app, which shows relevant offers from merchants where these points can be used to make savings, currently serves six million active users. It provides savings to around 1.7 lakh merchants of big brands and local retailers.
The company has presence in 50 cities including metros and cities like Jaipur, Hyderabad, Lucknow, Pune and Chandigarh.
“What Zomato did with restaurants, Magicpin is doing for the complete offline shopping experience. MagicPin is one of the most important players in the budding hyperlocal e-commerce space (both offline and online)” and we expect MagicPin to provide tremendous value to its merchant partners as well as customers going forward,? Zomato CEO Deepinder Goyal said.
In a regulatory filing, BSE-listed Zomato said its board has approved the acquisition of 16.1 per cent stake in Magicpin (Samast Technologies) for Rs 371.3 crore.
The Board, in its meeting on Wednesday, “approved the acquisition by way of subscription of 35,514 compulsorily convertible preference shares for a total cash consideration of Rs 371,34,98,002 for 16.1 per cent of the share capital of Samagra Technologies Pvt Ltd.” Is for.” The filing said.
The investment is in the nature of minority investment and will help MagicPin grow its business, it added.
According to the filing, MagicPin’s turnover stood at Rs 146.2 crore for the year ended March 31, 2021.
MagicPin was started in 2015 by Anshu Sharma and Brij Bhushan and has now reached to 6 million monthly consumer transactions. The company also introduced home delivery from nearby stores to complete the entire cycle from offline discovery to at-home fulfillment.
“Local retail is the lifeblood of our country. MagicPin is helping drive all-encompassing growth for local retail and enabling them to take advantage of the rapidly growing digital world. We are excited to welcome Zomato to the company – this period positions us to try and transform the offline shopping experience across India,” said Anshu Sharma, Co-Founder and CEO, Magicpin. Also Read : Tax cut on fuel positive for inflation management: RBI Governor Shaktikanta Das
“The team’s creativity, determination and flexibility have driven them to lead a truly unique ‘Made for India’ business at the intersection of commerce, loyalty and payments that creates meaningful value for small merchants. We look forward to their next move.” Excited for the growth and innovation phase,” said Lightspeed Partner Bejul Somaiya. Read also: Good news for Instagram creators! App may launch subscription feature soon, check India rate
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