magicpin, a leading platform for discovery and savings in offline retail, has raised a Series D round of $60 million 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.
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”.
The app currently serves 6 million active users with nearly 25 sessions per user per month, and provides savings on nearly 170,000 merchants across big brands and local retailers.
Bejul Somaia, Lightspeed said: “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”.
In July this year Zomato got listed on the Indian bourses and raised $1.25 billion. Media reports had suggested that Zomato, is looking to invest in startups, just like its investor Info Edge. The company has already announced its investment in Grofers.