What is Magicpin? Magicpin Review

Magicpin is an e-commerce service platform for local life in India. It mainly provides users with information such as promotional discounts, content changes, merchant dynamics, as well as social function search, discovery of nearby merchants and restaurants, and points redemption.

About Magicpin

Magicpin was founded in 2014, and Magicpin's operating parent company Samast Technologies Pvt. Ltd. The two co-founders are Anshoo ShaRMA and Brij Bhushan, who revealed that they plan to use this latest financing to expand the number of offline cooperative retailers and brands in the Indian market. The company mainly pushes offline store information selling fashion + goods, food and beverages, and grocery products to the online platform for consumers to inquire. Not only that, they will also use smart location services to enhance the local consumer experience and provide users with local service search, recommendation and reward functions. At this stage, Magicpin's business has covered 12 major cities in India, including Delhi National Capital Region, Bangalore, Chandigarh, Jaipur, Mumbai, Rishikesh, Coorg and Kasol, and the number of merchants has exceeded 800,000.

Founder of Magicpin

Magicpin was founded by former Lightspeed Venture Partners investor Anshoo Sharma and former Nexus Venture Partners investor Brij Bhushan, who serve as the company's CEO and COO respectively. The company's philosophy is to help consumers discover places and things of interest, while helping businesses acquire potential customers through the Internet.

Magicpin Current Status

Magicpin has 5 million+ users currently residing in Delhi, Gurgaon, Noida, Bangalore, Mumbai, Pune, Hyderabad, Chandigarh, Jaipur, Goa, Chennai, Ahmedabad and rapidly spreading to more cities and countries.

Magicpin Features

On the merchant side, users can publish information such as changes in promotional discounts, merchant dynamics, etc. on the Magicpin platform to attract consumers' attention;

On the consumer side, they can use the platform’s social functions to search and discover nearby businesses and restaurants, and enjoy points redemption and customer loyalty programs.

Magicpin Financing

In May 2017, Magicpin received US$7 million in Series B financing from existing investors Lightspeed India Partners, Westbridge and some anonymous overseas investors. The company's total financing has now reached US$10 million.

In March 2018, Magicpin received a strategic investment of US$1 million from Trifecta CAPItal.

In November 2018, Magicpin completed financing of US$20 million from Lightspeed Venture Partners.

In May 2020, Magicpin received a strategic investment of US$3.88 million, led by The Bunting Family PriVATe Fund and Moonstone Investments Ltd, both funds under Lightspeed Venture Partners, and participating investors included WaterBridge Ventures and Srivatsan Rajan, chairman of Bain Consulting.