Magicpin, a hyper local discovery platform, has now secured $7 million from Samsung Venture Investment Corporation and saw participation from an existing investor that is WaterBridge and Lightspeed.
The latest funding round is a part of the magicpin ongoing Series D round. According to the report, the funds will be mainly used for business expansion and to develop new products.
The company also announced the launch of magicStore for Retailers to help them set up their online presence, and said that it would not charge any commission to the retailers.
Speaking about the development, Anshoo Sharma said, “The investment from Samsung Venture Investment Corporation will be used in our operations across cities, markets, categories, and for developing online products like magicStore.”