The owner and operator of discovery and rewards platform MagicPin known as Samast Technologies has secured funds amounting to $20 million (Rs 141 crore) in a funding round led by Lightspeed Venture Partners US.
With this funding round, the valuation of the company has reached an estimated $100 million. The total funding of the three-year-old venture with this round has become about $30 million in equity financing.
“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,” Anshoo Sharma, chief executive officer of MagicPin stated.
The company was founded in 2015 by Sharma and Brij Bhushan. The two founders were at Lightspeed India and Nexus Venture Partners, respectively, before starting MagicPin. The company drives discovery to local retailers across categories such as fashion, food & beverages and grocery establishments.
Also, MagicPin claims to have more than 800,000 merchants listed on its platform, 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 reports, it has been estimated that the company will record gross transactions of Rs 200 crore in November, with close to 2 million monthly transactions being driven on the platform. The company, at present, offers its services in 12 cities across the country.