Hyperlocal discovery platform Magicpin has raised about $1 Mn in venture debt from Trifecta Capital, as per its MCA filings accessed by Inc42. This is the first round of venture debt funding for the Gurugram-based company.
With this venture debt round, the company has raked in a total of $11 Mn in funding since its inception in 2015.
The development was first reported by paper.vc.
Trifecta Capital, since the commencement of its operations in 2015, has backed over 25 companies including PaperBoat, Rivigo, Big Basket, Urban Ladder, UrbanClap, Box8, Livspace, Cure.Fit and IdeaForge.
Founded by former Lightspeed Venture Partner Anshoo Sharma and former Vice President at Nexus Venture Partners Brij Bhushan, Magicpin is a platform for merchants and brands to engage and provide personalised offers to their customers.
The merchants pay a recurring platform fee and a per-transaction charge for the business that Magicpin drives to them.