Gurugram based savings platform Magicpin raises $60 million in Series D round of funding
- ByStartupStory | November 11, 2021
Savings and discovery platform magicpin announced that it has raised $60 million in a series D round of funding led by food tech startup Zomato. The round also saw participation from its existing investor Lightspeed Venture Partners.
The co-founder of Zomato, Deepinder Goyal stated, “What Zomato did with restaurants, magicpin is doing for the entire offline shopping experience. magicpin is one of the most important players in the nascent hyperlocal e-commerce space (both offline and online) – and we expect magicpin to create a tremendous amount of value for its merchant partners as well as customers going forward.”
Founded in 2015 by Anshoo Sharma and Brij Bhushan, magicpin drives discovery of brands across a variety of categories like fashion, food, electronics, pharma and entertainment. The users transact on the app using multiple methods and earn points for every transaction. The app also indicates relevant offers from merchants where the points can be used to redeem benefits. The app currently serves 6 million users and has a retailer base of 170,000 merchants across big brands and local retailers.
Commenting about the latest round of funding, the CEO and Co-founder of magicpin, Anshoo Sharma stated, “Local retail is the lifeblood of our country. magicpin is helping drive omni-channel growth for local retail and enabling them to leverage the fast growing digital world. We are excited about welcoming Zomato into the company – this round puts us in a position to own and transform the offline shopping experience across India.”
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