Gurugram-based hyperlocal discover platform magicpin (1) has raised funding of over $7 million from Samsung Venture Investment Corporation in its Series D round, along with participation from existing investors, including Lightspeed and WaterBridge.
The discovery startup plans to use the freshly raised capital to expand its business and for the development of new products on its platform.
In a statement released by the Gurugram-based company, the startup also mentioned the launch of ‘magicStore for Retails’ to assist them in setting up an offline business’ online presence without charging any commission from the retailers.
Anshoo Sharma, the co-founder at magicpin, talked about the deal and said that the investment from Samsung Ventures Investment Corporation would be used in their operations across the cities, markets, categories, and for the development of online products like magicStore.
magicStore- a chance for businesses to expand their reach online
magicpin was founded by Anshoo Sharma and Brij Bhushan back in 2015 to help in the discovery of offline businesses through its platform. The hyperlocal discovery platform provides a marketing solution SMEs and manufacturing brands by giving them a chance to showcase their products & services online in food, fashion, beauty, grocery, and pharmacy categories.
The startup will be offering an AI-powered list-based ordering system in addition to the traditional catalog-based ordering system on magicStore, which would be somewhat similar to how people order from grocery or pharmacy stores on the phone or WhatsApp.
Once the order is placed, it is then delivered either by the retailer’s staff or by magicpin enabled delivery to the customer through its 3PL delivery partners.
magicpin has claimed to have scaled over $1 billion+ of GMV across 500,000 unique retailers in India. The platform works with small to medium-sized enterprises and has also worked with large-sized firms, including Levi’s, Wrangler, CCD, Lifestyle, etc.