Magicpin Bags $3 Mn In Series C From Samsung’s Venture Fund SVIC

SUMMARY

The company has raised an overall amount of $28.8 Mn in Series C

Its investors include Lightspeed India and US, Moonstone Investments and others

The company has over 5 Mn users on its platform

Gurugram-based Samast Technologies, which runs hyperlocal discovery platform Magicpin, has raised INR 22.5 Cr (nearly $3 Mn) in Series C funding round from Samsung Venture Investment Corporation.

According to the ministry of corporate affairs filings accessed by Inc42, Magicpin’s parent company Samast Technologies has allocated 11 equity share and 510 Series C2 Cumulative Convertible Preference Share (CCPS) at a nominal amount of INR 10 per equity share and INR 100 per Series C2 share. The company charged INR 4,40,199 per equity share and INR 4,40, 109 per Series C2 share leading up to INR 22,49,46,799 Cr.

In May 2020, the company had raised INR 29.18 Cr ($3.8 Mn) in Series C from Lightspeed, Waterbridge Ventures, The Bunting Family Private Fund and Moonstone Investments. According to the corporate filings accessed by Inc42, the company has issued 663 preference shares to the four entities at the same Series C2 CCPS face value and premium.

Magicpin’s Series C round started off in 2018 after it raised INR 141 Cr ($22 Mn) from Lightspeed Venture Partners US, Lightspeed India Partners and WaterBridge Ventures.

Overall, the company has raised INR 192.68 Cr ($28.8 Mn) in Series C so far.

Magicpin was founded by Anshoo Sharma and Brij Bhushan in 2015. It offers a discovery platform that allows merchants and consumers to interact and transact. The company helps drive the businesses of the local retailers across various categories such as restaurant, fashion, beauty, grocery among many others.

According to the official website, at present, Magicpin has over 5 Mn users and is operational in 12 cities including Delhi, Gurugram, Noida, Bengaluru, Mumbai, Pune, Hyderabad, Chandigarh, Jaipur, Goa, Chennai and Ahmedabad. It’s merchant base includes kiranas to established retailers and brands such as McDonald’s, FabIndia, Hard Rock Cafe among others.

During the Covid-19 pandemic, the company had also pivoted to delivery of essentials in partnership with last-mile delivery logistics firms. According to the official website, at present, Magicpin has over 5 Mn users and is operational in 12 cities including Delhi, Gurugram, Noida, Bengaluru, Mumbai, Pune, Hyderabad, Chandigarh, Jaipur, Goa, Chennai and Ahmedabad.