wordpress blog stats
Connect with us

Hi, what are you looking for?

Hyperlocal discovery platform Magicpin raises $7 million

Hyperlocal discovery platform magicpin has raised $7 million in Series B round of funding from Lightspeed India Partners, Waterbridge Ventures, and two global family offices. Srivatsan Rajan, chairman, Bain & Co India and Sahil Barua, CEO of Delhivery have also invested in the company in their individual capacity. The funds raised will be used to enhance the product, strengthen the leadership team and to go deeper and wider across categories and geographies, as per the company’s release.

In February last year, the company had raised $3million from Lightspeed India Partners. It is currently active in Delhi-NCR, Mumbai and Bangalore and claims to have grown 7x times in the last year to reach $40million in annual business. It has more than a million users with more than 5 million shared experiences with average daily sessions of more than 30 minutes.

magicpin uses a user’s location to drive discovery and commerce for local experiences. Its user community, known as ‘magicians’ share their experiences across food, beauty and fashion categories in the form of picture stories. Users get rewarded with ‘magicpin points’ that can be used to buy more services and experiences at magicpin partner merchants.

Competition

Magicpin’s discovery model is similar to Crown it, which raised an undisclosed amount from FreeCharge founders Kunal Shah and Sandeep Tandon, Freshdesk founder Girish Mathrubootham and ex-Snapdeal CPO Anand Chandrasekaran In September last year. In May 2015, it raised $5.5 million from Accel and Helion Venture Partners.

Advertisement. Scroll to continue reading.

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 cashback.
The company also competes with:

–  Nearbuy – which had raised $2 million venture debt from Blacksoil Capital
– Little which acquired Stylofile in January this year
– Times Internet owned CouponDunia.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

You May Also Like

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ