- Startup was founded in 2015 by Anshoo Sharma and Brij Bhushan
- Company will utilize the funds in business growth and to strengthen its team
Magicpin, a platform where users and merchants in a locality discover, interact, and transact, has raised funding of ₹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 filings. Samast Technologies Pvt. Ltd. Has issued 665 Series C1 fully and compulsorily convertible preference shares.
The company was founded by Anshoo Sharma a former Lightspeed venture partner and Brij Bhushan, ex-Nexus Venture Partners vice-president in 2015.
The company will utilize these funds in business growth and to strengthen its team. Due to the Coronavirus lockdown in the country, Magicpin has currently forayed into grocery delivery.
Magicpin is the largest marketing platform for offline retail in India, driving $1B+ of annual business to retailers across the country. Their users pay bills from their purchase and get rewarded in ‘magicpin points’ that can be used to buy services and products at magicpin partner merchants. The biggest advantage of magicpin’s cashback programme is that it works at ALL stores in a city, and it doesn’t matter whether you pay through cash, credit/debit card or e-wallet – you always get your magicpin points.