Hyperlocal discovery platform Magicpin has raised $3 million in a Series A round of funding from Lightspeed India, reports Vccircle. Founded by Anshu Sharma and Brij Bhushan in August 2015, the startup was previously incubated by Lightspeed.
The company currently offers an Android app that lets users discover restaurants and events, as well as interact with merchants in Delhi. It currently claims to have 20,000 partners in the city. Interestingly, the app lets users take a selfie at its partner outlets and submit the bill to earn various rewards, like phone recharges, gift vouchers, events on BookMyShow and coupons from local merchants.
Magicpin also offers a Whatsapp number which can be used to send the selfie along with a bill photo to earn these rewards. However, users will require the app to redeem these rewards.
Magicpin’s discovery model is similar to Crown it, which raised $5.5 million in funding in May last year. The app lets users discover restaurants and outlets which offer cashback schemes while shopping on its platform. Users can click on the picture of the bill to redeem their cashbacks. Crown it was founded by Sameer Grover in October 2013.
Developments in the hyperlocal space:
– In August last year, ShopClues launched a new hyperlocal feature called Neighbourhood Market on its mobile app which would allow local merchants to connect with customers.
– In July, hyperlocal deals marketplace Little raised $50 million from Paytm and existing investors SAIF Partners and Tiger Global Management for establishing an online to offline app-only marketplace.
– The same month, Ola launched a standalone application for hyperlocal groceries delivery called Ola Store.
– In March, Zopper, previously known as Reviews42, said it planned to expand to 30 more cities.
– In January last year, online directory service JustDial began selling electronics and white goods and started operating as a marketplace.
– Note that PriceBaba also aggregates offline retailers, but doesn’t allow purchase online.