Hyperlocal discovery startup MagicPin has secured $7 million in Series B round from existing investor Lightspeed India Partners and Waterbridge Ventures.
Current round also saw the participation of $15 million venture fund floated by private equity veteran Manish Kheterpal and two global family offices, Srivatsan Rajan, Chairman of Bain and Co India, and Sahil Barua, CEO of logistics company Delhivery. Earlier, Startup had raised $3 million in Series A from Lightspeed India Partners.
Commenting on the development, Bejul Somaia, MD, Lightspeed India Partners, said, “The vast majority of commerce is, and will continue to be, transacted offline. MagicPin’s metrics reflect early but exceptional success in capturing smartphone-wielding users and directing their offline spend to participating merchants.”
Currently present in Delhi NCR, Bangalore, Mumbai, MagicPin uses location intelligence to deliver discover, recommendations and rewards for local experiences. It is the social network for local experiences.
Within three months of its launch in Delhi/NCR, Gurgaon-based startup MagicPin claimed to have signed up 150K active users and have covered 30K merchants across Delhi NCR region, Bengaluru, and Jaipur.
According to MagicPin CEO, Anshoo Sharma, the key differentiator for them is that it allows people to share their experience about a place they went to with a post and a picture.