Local discovery, rewards, and commerce platform Magicpin has raised $20 million in a fresh round of funding led by Lightspeed Venture Partners US. Existing investors Lightspeed India Partners and WaterBridge Ventures also participated in it.
Following the investment, Partners of Lightspeed US Jeremy Liew and Ravi Mhatre will join Magicpin’s board.
With the latest proceeds, the valuation of Magicpin is estimated to cross $100 million mark.
Possibly the Series C round comes eight months after the Gurugram-based startup picked up $1 million debt fund from Trifecta Capital. Previously, it had scooped up $7 million in series B round from the existing backers in May 2017 while $3 million Series A fund came in February 2016.
Launched by Anshoo Sharma (former venture partner at Lightspeed,) and Brij Bhushan (former vice president at Nexus Venture Partners), Magicpin uses location intelligence to deliver discovery, recommendations, and rewards for local experiences.
Users share their experiences across categories like restaurants, nightlife, beauty, and fashion through pictures that inspires them to discover and try these experiences.
Magicpin has also enabled augmented reality (AR) feature to its app that allows users to redeem virtual reward points across merchants including McDonald’s, The Beer Cafe, Chaayos amongst several others.
Currently operational in 12 cities including Delhi NCR, Bengaluru, Chandigarh, Jaipur, Mumbai, Rishikesh, Coorg, Kasol, the three-year-old startup claims to have onboarded 800,000 merchants on its platform.
According to Sharma, Magicpin has grown 5X over the last one year and it will record gross transactions of Rs 200 crore in November, reports ET.
For FY17, it had posted a loss of Rs 17.3 crore with revenue of Rs 1.83 crore. The startup directly competes with Crownit and remotely with Paytm Mall.