22 February, 2016, Gurgaon: Magicpin has raised US $3 million funding from Lightspeed Venture Partners in its series A funding round. Sources said that firm was being incubated at Lightspeed since May last year.
Magicpin is the platform where users and merchants in a locality discover, interact and transact. For merchants, it provides a podium for spotlighting their uniqueness while boosting their revenues and utilization through real-time promotions, loyalty programmes and content updates. For users, it is the destination to find out the buzz in their locality and discover interesting people to connect with and events / merchants to go to.
Commenting on the investment, Anshoo Sharma, CEO, Magicpin “Offline retail is a market that is 100x the size of ecommerce in India and constitutes millions of merchants providing services like restaurants, fashion, spa, beauty, yoga, sports, gym, etc.”
“This market is ripe to get disrupted as internet users in India move towards 600 million by 2018,” COO, said, Brij Bhushan, COO, Magicpin.
The company focuses on youth as they are the prime and active users of the portal. Through Magicpin, they create a visual timeline of local activities, search for deals and events around them, browse activity timelines of merchants and other users and like/comment on the posts on these timelines.