magicpin Raises $60 Mn in Funding Round Led by Zomato; To Expand into New Markets and Categories

magicpin Founders

Zomato led the round with participation from existing investors

magicpin will use funds for deepening presence in existing markets, launching new markets and expanding across categories

6M active app users, 6M monthly transactions and 170K paying merchants across 50 cities

magicpin, India’s largest platform for discovery and savings in offline retail, has raised a Series D round of $60M led by Zomato. The round also saw participation from existing investors including Lightspeed Venture Partners.

magicpin drives discovery of brands and retailers across categories - fashion, food, electronics, grocery, pharma, nightlife and entertainment. Users transact on the app using multiple methods and earn points on every transaction. The app shows relevant offers from merchants where these points can be used to make savings. The app currently serves 6M active users with nearly 25 sessions per user per month, and provides savings on nearly 170K merchants across big brands and local retailers.

Deepinder Goyal, Zomato 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”.

Bejul Somaia, Lightspeed said: “Lightspeed is proud to have supported magicpin in every round of financing since the company was founded. The creativity, determination and resilience of the team has led them to pioneer a truly unique “made for India” business at the intersection of commerce, loyalty and payments that creates meaningful value for small merchants. We’re excited for their next phase of growth and innovation”.

magicpin was started in 2015 by Anshoo Sharma and Brij Bhushan and has grown to 6M monthly consumer transactions. The company also started home delivery from nearby stores to complete the full cycle from offline discovery to at-home fulfillment.

Anshoo Sharma, CEO & Co-Founder said -

Local retail is the lifeblood of our country. magicpin is helping drive omni-channel growth for local retail and enabling them to leverage the fast growing digital world. We are excited about welcoming Zomato into the company - this round puts us in a position to own and transform the offline shopping experience across India.

Savings App Magicpin’s Innovative New Campaign Nets 1.6 Lakh New Users in Less Than a Week

The unique campaign hooked new users with an unbeatable proposition — a cash voucher of ₹100 on sign-up, in exchange for a ₹1 payment made from a new credit card

magicpin, India’s best savings app recently launched a new campaign in a bid to acquire new users. The proposition was simple: Install the magicpin app, pay ₹1 with a credit card never used before on magicpin, and get a cash voucher worth ₹100 for India’s top consumer brands like Amazon, Flipkart, Myntra, Uber, Cafe Coffee Day, Wow! Momo, Titan and many more. The voucher could be redeemed at the websites of any of these brands via a coupon code. This simple proposition has netted magicpin 1.6 lakh new users in only six days.

The objective of the campaign was to encourage new users to try the magicpin app by offering them a flat discount. The company aimed at acquiring at least 1 lakh new credit card users through the campaign, and overshot the target within days. The campaign turned out to be a resounding success as the brand acquired 50,000+ new users in the first two days alone, almost ten times the number of daily sign-ups.

“As Indians, we love a good deal. magicpin is India’s #1 savings app that gives #AsliSavings to users for buying from Bharat's local retailers that we have all grown up shopping at. Our goal is to give the whole country the benefit of saving on and discovering local retail with magicpin," said Anshoo Sharma, CEO & co-founder of magicpin.

magicpin’s offer is open to all new users with only three main conditions. New users will need to use a credit card to buy the voucher, the credit card should never have been used on magicpin before, and it shouldn’t be a prepaid/virtual credit card.

magicpin, India’s #1 savings app has transformed the lives of over 1.5 lakh merchants by providing them with an online presence on orderhere.io while giving more than 5 million consumers the best shopping deals in their vicinity, notching up US$ 1 billion in sales.

It is India’s best hyperlocal intelligence discovery app and provides customers with all the information about the best deals in their vicinity and rewarding them for their purchases. At the same time, it has helped offline retailers to create an omnichannel presence, critical for their survival in these challenging times.

magicpin is India’s #1 savings app that encompasses retailers from local merchants to large brands, online and offline. We help customers through our unique magicpin rewards programme, which brings over 150k partner stores (online and local) live on the smartphone, ready to be discovered, leading to attractive savings.

magicpin drives over $1B of annual business that covers local retailers as well as noted brands like Pantaloons, Lifestyle, Westside, Levis, Jockey, Titan, Fastrack, McDonald’s, CCD, KFC, Pizza Hut, Taco Bell, Flipkart, Boat, Amazon, Samsung, Biba, ITC, Zandu, P&G and many more. Know more about us here - https://magicpin.in/about-us

Zomato’s CEO Deepinder Goyal Joins the Board of magicpin

IPO-bound Zomato’s co-founder and CEO Deepinder Goyal has joined the board of magicpin, as an independent director. Founded by Anshoo Sharma & Brij Bhushan, and backed by Lightspeed Venture Partners, Waterbridge and Samsung, magicpin is India’s #1 savings app that connects hyperlocal merchants and brands with consumers.

Deepinder Goyal joins the existing board and advisors that consist of Bejul Somaia, MD, Lightspeed Venture Partners; Vivek Gambhir, CEO boAt Lifestyle; and Manish Kheterpal, MD, Waterbridge. Since launching in 2016, magicpin today has over 1.5 lakh merchants on the platform, serving 50 lakh consumers across fifty cities. It has also launched the OrderHere platform that enables local merchants to set up their online store within minutes, and serve online customers. magicpin simplifies catalog creation and management for local merchants/brands and offers seamlessly integrated payments and logistics from top logistics providers in India including Shadowfax, Dunzo, Rapido and Loadshare.

Speaking on joining the board, Deepinder Goyal said, “I am delighted to join the magicpin board. They are a high-quality team and I am excited about how they are being a driver of growth for local merchants across categories. I am looking forward to contributing to the company's success.”

Anshoo Sharma, co-founder and CEO of magicpin, said, “We are excited about Deepinder joining our board. He brings a wealth of experience from scaling up Zomato into the tech giant it is today. We are looking forward to his guidance and mentorship as we step into our next phase of growth.”

As lockdown measures ease across the country, magicpin is poised to scale up merchants and brands on its platform for online and in-store demand. It is already driving over USD 1 billion in annual revenues for its existing partners and continues to grow at a rapid pace.

About magicpin:

magicpin is India’s #1 savings app that spans from local merchants to large brands, online and offline. We bring the local market alive on our user’s phone and let people discover and save through our magicpin rewards programme, powered by over 150K partner stores.

magicpin drives over $1B of annual business that covers local merchants and brands like Pantaloons, Lifestyle, Westside, Levis, Jockey, Titan, Fastrack, McDonald’s, CCD, KFC, Pizza Hut, Taco Bell, Flipkart, Boat, Amazon, Samsung, Biba, ITC, Zandu, P&G and many more. Know more about us here - https://magicpin.in/about-us/

magicpin Appoints Pranay Gupta as VP, Growth and Business Development

JULY 2021 | Bangalore - magicpin, India’s #1 savings app, has appointed Mr Pranay Gupta as the new Vice President of Growth and Business Development. He was the co-founder of 91 Springboard and is extremely well networked in the technology ecosystem.

Mr Gupta will be responsible for building ecosystem partnerships for driving magicpin’s growth. A graduate of IIM Ahmedabad and IIT-Delhi, he has decades of experience as an entrepreneur and investor.

In accepting the position, Pranay Gupta stated, “magicpin is a fantastic platform that lets consumers save, while driving growth for its 150K+ merchants. I am eager to join the team and build partnerships that take magicpin’s massive savings network to many more consumers.”

Commenting on the appointment, Anshoo Sharma, Co-Founder and CEO of magicpin said, “We are excited to welcome Pranay to the magicpin family. He brings a lot of experience, expertise, and valuable insights to the position, and we look forward to him playing a key role in the company’s next phase of growth."

Mr Gupta’s appointment comes on the heels of other key strategic additions to the leadership team of magicpin.

magicpin is India’s #1 savings app that spans from local merchants to large brands, online and offline. We bring the local market alive on our user’s phone and let people discover and save through our magicpin rewards programme, powered by over 150K partner stores.

magicpin drives over $1B of annual business that covers local merchants and brands like Pantaloons, Lifestyle, Westside, Levis, Jockey, Titan, Fastrack, McDonald’s, CCD, KFC, Pizza Hut, Taco Bell, Flipkart, Boat, Amazon, Samsung, Biba, ITC, Zandu, P&G and many more. Know more magicpin here.

magicpin.in Helps Restaurants Go Online and Fully-Functional In Minutes!

India’s #1 savings app allows any small merchant and restaurant to create and launch a zero-commission online store within two minutes, completely supported by backend integration with logistics providers

June 2020: magicpin, India’s #1 savings app and leader in offline marketing for retailers, enables any store — including restaurants — to set up and launch an online store within two minutes at zero commission. This means that not only do all 1.5 lakh merchant partners have equal access to technology and third-party logistics services, they also get the magicpin assurance that comes with years of experience in successfully delivering thousands of orders.

The fact that the online store can be set up within minutes, is a boon for small retailers and hyperlocal merchants and restaurants, who would otherwise have to go through a series of lengthy procedures and red tape to be onboarded on any delivery platform. magicpin’s advanced technological solutions and established infrastructure ensure that merchants get a full-stack experience, at no extra cost. This includes not just a state-of-the-art online storefront, but call centre support, comprehensive API integration, and other such crucial mechanisms.

Currently live in cities like Delhi, Gurgaon, Noida, Bangalore, Mumbai, Pune, Hyderabad, Chandigarh, Jaipur, Goa, Chennai, Ahmedabad, magicpin is quickly spreading to more cities and countries. The go-to platform for retailers and brands has over 5 million users, cementing its place as a leader in offline marketing for businesses that want to reach out to relevant local customers. This success is owed to the fact that magicpin offers the same full-stack experience to every one of their merchants, effectively leveling the playing field and allowing them to focus more on growing their business while significantly decreasing the stress associated with running an online store.

Owned by Samast Technologies, magicpin allows its merchants to have complete control over their online store, as business owners can customise their menu as per their needs and offer unique discounts to customers which are not financially viable on other aggregator sites. It further allows merchants to create loyalty programmes that enable them to pass on more savings to their customers, which helps increase the repeat rate of getting orders.

Furthermore, magicpin provides retailers with personalised URLs rather than simply positioning them as an extension of the platform — allowing them to create and promote their own brand identity. With orderhere.io, merchants can now leverage magicpin’s technology to not just expand their reach and grow their businesses seamlessly, but also create a world-class home-ordering experience for their customers, all within two minutes.

Brij Bhushan, co-founder and COO at magicpin said, “Our merchants can still use their existing delivery partners, whom they are comfortable with, by seamlessly integrating them into our system. For those merchants who want to create a specially customised delivery system in order to avoid paying high commissions to third-party aggregators, they can do so through orderhere.io. This gives them more control over all aspects of their own online store while also being able to access powerful marketing tools to boost sales. What’s foremost is peace of mind for our merchants, and we ensure that we consistently deliver on that promise."

While merchants can choose to deliver on their own, the platform still allows for delivery services that are already integrated with top logistics providers in India. Unlike other platforms, magicpin’s level of integration and coordination with these top-tier third-party providers offers an especially seamless delivery system. Through their first-hand experience of driving logistics and hands-on approach, magcpin ensures that their merchants’ deliveries are given the highest priority.

Several magicpin partners echo that assertion. Prashant Ashok Dani, owner of the local eatery Mumbai Bites, said, “In the last 1.5 years since we have worked with magicpin, they have helped increase our reach and drive more footfalls. Without magicpin I will not have seen the increase in business. I see them as a true partner for small businesses like ours.” magicpin has also played an essential role in getting several small businesses back on their feet during the pandemic. Ravi Kolhapuri, owner of the Bangalore grocery store SLR Budget Bazaar, said, “magicpin's delivery service helped me serve customers during lockdown. magicpin has also helped increase my reach. Now I get customers from areas where it was not possible to do so before. Best part is that I pay if I get the footfall. I am not wasting my marketing investment."

magicpin’s strength is its partner network, and the organisation attempts to go out of their way to make things better for them, including customising their online stores. In the case of choosing “own delivery” as an option, brands can also fully customise their own delivery radius, delivery fees, and more. Small businesses can manage their orders on the Orderhere app, and large chains can use an existing Point of Sale Software, as magicpin also offers services to integrate the same directly into their POS system.

With 1.5 lakh merchants already onboard and thriving on the benefits brought about by the platform, this goes to show that any brand, restaurant, and homepreneur can go online within a matter of minutes, not days, and can use magicpin to immediately start selling to relevant local audiences.

About magicpin:

magicpin is India’s #1 savings app that spans from local merchants to large brands, online and offline. We bring the local market alive on our user’s phone and let people discover and save through our magicpin rewards programme, powered by over 150K partner stores.

magicpin drives over $1B of annual business that covers local merchants and brands like Pantaloons, Lifestyle, Westside, Levis, Jockey, Titan, Fastrack, McDonald’s, CCD, KFC, Pizza Hut, Taco Bell, Flipkart, Boat, Amazon, Samsung, Biba, ITC, Zandu, P&G and many more. Know more about us here.

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.

Hyperlocal Discovery Startup MagicPin Raises $7 Mn In Series B Funding

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.