Savings Startup magicpin Raises $60 Mn From Zomato, Lightspeed

SUMMARY

The fresh investment of magicpin also saw participation from existing investor - Lightspeed Venture Partners

Zomato’s Deepinder Goyal also joined magicpin’s board as an independent director

At present, magicpin serves 6 Mn active users and provides savings on nearly 170K merchants across big brands

Gurugram-based savings platform magicpin has raised $60 Mn in a Series D funding round. The round was led by food aggregator Zomato along with magicpin’s existing investor Lightspeed Venture Partners.

Interestingly, Zomato’s founder Deepinder Goyal had joined magicpin’s board of directors in July this year.

Founded by Anshoo Sharma and Brij Bhushan in 2015, magicpin is a discovery and user savings platform.

The platform allows users to explore brands and retailers across categories such as fashion, food, electronics, grocery, among others. It allows users to transact through the app in these retail offline stores thus allowing them to gain points. These points later can be redeemed by users at different stores.

At present, magicpin serves 6 Mn active users with nearly 25 sessions per user per month, and provides savings on nearly 170K merchants across big brands and local retailers.

Zomato’s Goyal on the development said, “What Zomato did with restaurants, magicpin is doing for the entire offline shopping experience. magicpin is one of the most important players in the nascent hyperlocal e-commerce space (both offline and online) – and we expect magicpin to create a tremendous amount of value for its merchant partners as well as customers going forward”.

In 2018, magicpin had bagged $20 Mn in a Series C round led by Lightspeed Venture Partners at a $100 Mn valuation. Back then the round also saw participation from WaterBridge Ventures.