Hyperlocal discovery app Magicpin raises USD 3M from Lightspeed Ventures


It’s never too late: Magicpin

The above statement is true for MAGICPIN, the startup that has been delayed for almost a year scored high with $3 million funding in series A only. Magicpin backer Lightspeed Venture Partners is in early stages whose M.D., Bejul Somaiyya said “There are huge opportunities in local market only right way to tap it is needed.”

Magicpin works in the offline retail market which is said to be a giant than e- commerce which includes millions of service providers like restaurants, fashion, spa, beauty, yoga, sports, gym, etc commented by Anshoo Sharma, CEO of Magic Pin, who recently quitted as principal at Lightspeed.

The entire idea targets the local interesting people who contribute to creating a buzz in their locality. Though it targets offline retail market but it creates online communities to bring users and merchants on a single platform to capture the BUZZ. Thus, these communities help in the unveiling of new trends and formation of the larger network across the horizons. It’s a tool for boosting customer base and increment in customer engagement opportunities by supporting as a visual referral network. Chief Operating Officer Brij Bhushan, who was earlier working at Mumbai-based Nexus Venture Partners said

This market is ripe to get disrupted as internet users in India move towards 600 million by 2018.

Magicpin is tapping the market which is very huge with endless possibilities but one need to go in a right direction. We have to wait and see what miracles do this new experiment bring to us. To operate at such a discrete level isn’t easy; let’s hope the idea works and provide the immense opportunities to the segment starving for a long time.

Magicpin is run by, Smast Technologies Pvt Ltd is based out at Gurgaon (NCR) and is curretly functional in NCR, Jaipur and Benguluru with over 30,000 merchants registered on its platform and 150,000 subscribed users, seeing 5000 transactions per day which they are taking to three times  in another six months along with expansion to four new cities.

Website: Magicpic

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