Gurugram-based Samast Technologies, which runs hyperlocal discovery platform Magicpin, has received INR 29.18 Cr ($3.8 Mn) in a fresh funding round.
According to the Ministry of Corporate Affairs filings accessed by Inc42, the company has received INR 29.18 Cr in Series C funding round on May 16, 2020. The company has issued 663 preference shares at a face value of INR 100 with a premium of INR 4,40,109 per share to Lightspeed, Waterbridge Ventures, The Bunting Family Private Fund and Moonstone Investments.
The company had floated an offer of INR 29.27 Cr to these investors as well as Srivatsan Rajan from Bain. It appears that INR 90 Lakh from Srivatsan Rajan will be coming in later. The offer letter was first reported by Entrackr.
Prior to this, the company has raised $34.9 Mn in funding.
Magicpin, founded in 2015 by Anshoo Sharma and Brij Bhushan, provides a platform where merchants and consumers can discover and interact and also transact. It 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.
During the pandemic, Magicpin announced essentials delivery by leveraging its partnerships with local retailers and has tied up with last-mile delivery logistics firms to deliver orders for essential products such as groceries, packaged food and hygiene products.
Due to the lockdown, hyperlocal activities across the country have taken a body blow and hence, several businesses have been facing issues with daily operations. Even in Lockdown 4.0, the government hasn’t allowed the opening of social places and this would continue to hit platforms like Magicpin, which depend on customers’ behaviour.