Gurugram-based O2O Platform MagicPin Raises $20 Mn from Lightspeed US
Gurgaon-based Online-to-Offline (O2O) services platform MagicPin, has raised about $20 million (Rs 141 crore) in Series C round of funding led by Lightspeed Venture Partners US. The startup had raised debt financing of about $1 million in March this year.
Post this fresh funding, the total funding raised by Magicpin is now $31 million. The startup is now valued at an estimated $100 million, reported Economic Times.
The latest round closed last month with participation from existing backer Lightspeed India Partners, the domestic franchise of the Menlo Park-based venture capital firm, and WaterBridge Ventures.
Jeremy Liew and Ravi Mhatre, who are partners at Lightspeed US, will come on board of MagicPin. The startup, which allows users and merchants in a locality to discover, interact, and transact, is perhaps the largest platform driving business to offline retailers and brands in the country, according to Anshoo Sharma, chief executive officer of MagicPin.
The funding came after a long gap of 18 months since the startup has raised $7 million from Lightspeed India and WaterBridge Ventures, in May last year.
Founded in 2015 by Anshoo Sharma and Brij Bhushan, Magicpin drives local discovery that leads to business for local retailers across categories likes restaurant, fashion, beauty, grocery, spa, yoga, gyms, and more. Prior to founding Magicpin, sharma was at Lightspeed India, while Brij Bhushan was at Nexus Venture Partners.
Magicpin platform has more than 800,000 listed merchants ranging from local kirana stores to big box retailers and established consumer brands such as McDonald’s, FabIndia and Hard Rock Cafe.
“We see the business that we are in as a business to drive revenue to offline retailers and brands. That, we believe, is an underserved market where there are much, much bigger opportunities than the ecommerce space,” Sharma said.
According to the CEO, the company will record gross transactions of Rs 200 crore in November, with close to 2 million monthly transactions being driven on the platform. It is currently operational in 12 cities across the country.
According the startup’s Linkedin profile, Magicpin has grown 5x in 2018 and is by far the leader in offline marketing for retailers in India.
The company competes with Alibaba Group and SoftBank-backed Paytm Mall, which claimed that its discovery platform contributes 30% of revenue.
Lightspeed in India has backed some of the country’s biggest internet startups, including OYO Hotels & Homes, ed-tech venture Byju’s and B2B online marketplace Udaan. The three ventures are now valued at over $1 billion each, following their most recent funding rounds.
Magicpin has 5 Million+ users and is now live in Delhi, Gurgaon, Noida, Bangalore, Mumbai, Pune, Hyderabad, Chandigarh, Jaipur, Goa, Chennai, Ahmedabad and is quickly spreading to more cities and countries.
Source: IndianWeb2
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