MagicPin, the Online-to-Offline (O2O) service platform based in Gurgaon, has raised around $ 20 million (Rs 141 crore) in the Series C financing round led by Lightspeed Venture Partners US. The start-up had increased debt financing of around $ 1 million in March of this year.
Publish this new financing, the total funding raised by Magicpin is now $ 31 million. The start-up is now valued at around $ 100 million, the Economic Times reported.
The last round was closed last month with the participation of existing sponsor Lightspeed India Partners, the national franchise of the venture capital firm based in Menlo Park and WaterBridge Ventures.
Jeremy Liew and Ravi Mhatre, who are partners in Lightspeed US, will join MagicPin. Start-up, which allows users and merchants in one location to discover, interact and transact, is perhaps the largest platform that takes the business to retailers and offline brands in the country, according to Anshoo Sharma, executive director of MagicPin
The funding came after a long 18-month gap since the startup raised $ 7 million from Lightspeed India and WaterBridge Ventures in May last year.
Founded in 2015 by Anshoo Sharma and Brij Bhushan, Magicpin drives the local discovery that leads to businesses for local retailers in categories such as restaurant, fashion, beauty, grocery, spa, yoga, gyms and more. Before founding Magicpin, Sharma was at Lightspeed India, while Brij Bhushan was at Nexus Venture Partners.
The Magicpin platform has more than 800,000 listed merchants ranging from local kirana stores to large retailers and established consumer brands such as McDonald’s, FabIndia and Hard Rock Cafe.
“We see the business we are in as a business to drive revenue to retailers and offline brands. “We believe that this is an unattended market where there are opportunities much larger than the electronic commerce space,” Sharma said.
According to the CEO, the company will record gross transactions of Rs 200 million rupees in November, with almost 2 million monthly transactions on the platform. It is currently operational in 12 cities across the country.
According to the profile of the startup Linkedin, Magicpin has grown 5 times in 2018 and is by far the leader in offline marketing for retailers in India.
The company competes with Alibaba Group and the Paytm Mall, backed by SoftBank, which claims that its discovery platform contributes 30% of revenues.
Lightspeed in India has supported some of the largest Internet companies in the country, such as OYO Hotels & Homes, the cutting-edge technology company Byju and the B2B online market Udaan. The three companies are now valued at more than $ 1 billion each, following their most recent funding rounds.
Magicpin has more than 5 million users and is now available in Delhi, Gurgaon, Noida, Bangalore, Mumbai, Pune, Hyderabad, Chandigarh, Jaipur, Goa, Chennai, Ahmedabad and is rapidly expanding to more cities and countries.
