Local discovery and reward startup MagicPin has raised INR 141 crores ($20 million to be exact) in a funding round from 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.”
The Gurugram-based startup was founded by Anshoo Sharma, a former Lightspeed India executive, and Brij Bhusan from Nexus Venture Partners. Since its inception in 2015, MagicPin has grown to help business for local retailers through discovery and offers rewards to customers on their spendings.
MagicPin has more than 5 million users on the platform and some of its prestigious clients include Pepsi, Taco Bell, Hard Rock Cafe and OYO rooms. The startup processes more than two million transactions every month which is valued over INR 200 crores in November.
The startup operates across 12 cities and has achieved a 5 fold growth within 1 year. With e-commerce trends rising high, and internet reaching the underserved, the business is expected to grow over the upcoming years.
Earlier in March this year, MagicPin raised $1 million in a debt funding round. In total, the firm has received around $10 million from venture capital firms like Vy Capital, Knollwood Investment Advisory and Sequoia Capital India.