Magicpin recently raised Rs 29.3 crore from investors in a round led by Lightspeed Venture Partners. The round also saw contribution from MoonStone Investments, WaterBridge Venture, The Bunting Family Private Limited and Srivastan Rajan. The company helps its users to discover brands and retailers through a reward-based system.
Anshoo Sharma and Brij Bhushan started the company in 2015. The company has laid its foundation in international markets with Indonesia. In India, Magicpin is live in Bangalore, Mumbai, Gurugram, Noida and Jaipur among others and is rapidly moving to other cities. The startup has so far raised $31million in 5 rounds since its inception.
The application allows the users to add photos and videos and works on a social and gamified approach. The users earn points when they shop at the partnered retail outlets and buy specific brands. The company started with F&B segment and has expanded itself to other sectors like beauty and fashion. It provides the users recommendations based on their location and its clients a marketing space and consumer data.