Fri. Mar 29th, 2024

Gurugram-based local discovery and reward startup MagicPin‘s parent Samast Technologies has raised around ₹141 crore ($20 million) in a funding round led by Lightspeed Venture Partners US.

Confirming the development to Economic Times, Anshoo Sharma, Chief Executive Officer of MagicPin, said, “The round was led by Lightspeed US, with partners Jeremy Liew and Ravi Mhatre, who have now come on board. We’re now possibly the largest platform driving business to offline retailers and brands in the country.”

MagicPin was founded by Anshoo Sharma, form Lightspeed India executive, and Brij Bhushan, former Nexus Venture Partners executive, in 2015. It provides a platform to help drive business for local retailers through discovery and offers rewards to customers for their spending.

It has more than 5 million users on its platform and some of its prominent clients include OYO, Hard Rock Cafe, Pepsi, and Taco Bell. With over two million monthly transactions, the startup is slated to post gross transactions worth ₹200 crore in November.

The startup is operational across 12 cities and claims to have achieved a 5x growth over the last one year. The business is expected to grow, as e-commerce reaches the underserved and the emerging online users.

In March 2018, MagicPin raised $1 million in a debt funding round. Till now, the startup has raised more than $10 million, according to Crunchbase. It also counts Vy Capital, Sequoia Capital India, and Knollwood Investment Advisory, among its investors.

California-based venture capital firm Lightspeed Venture Partners was founded by Chris Schaepe, Barry Eggers, Ravi Mhatre, and Peter Nieh in 2000. It invests across enterprise and consumer sectors including fintech, SaaS, big data analytics, infrastructure, commerce, media, and security.

Some of its investments in India include OYO, Byju’s, Udaan, TutorVista, and ShareChat, among others.

Check out the list of top 10 investments by Lightspeed Venture Partners in India.

By Varun

Startups | Books | Ideas

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