
Total amount raised
$104.9 Millions
Latest funding date

Location
Magicpin has successfully raised significant funding over multiple rounds, with notable investors such as Zomato and Lightspeed Venture Partners backing the platform. The company offers a unique platform for users to shop and interact with their local community, positioning itself as a key player in the local savings and food delivery market.
Keep reading to explore the intricacies of Magicpin's fundraising journey and the investors supporting this innovative platform.
What Is Magicpin?
Magicpin, founded in 2015, is headquartered in Gurgaon, Haryana, India. The platform was created by Abhishek Awasthi, Anshoo Sharma, and Brij Bhushan.
Magicpin allows users to shop and interact with local merchants, offering real-time promotions, loyalty programs, and content updates. It serves as a comprehensive platform for discovering local buzz, interesting people, and events.
With a workforce of 501-1000 employees, Magicpin has established itself as a significant player in the local savings and food delivery market.
How Much Funding Has Magicpin Raised?
- Series A
- Amount Raised: $3M
- Date: February 2016
- Lead Investors: Lightspeed Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's features.
- Non-Equity Assistance
- Amount Raised: $50K
- Date: May 2016
- Lead Investors: Google Launchpad Accelerator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To receive mentorship and technical support from Google.
- Series B
- Amount Raised: $7M
- Date: May 2017
- Lead Investors: Lightspeed Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve user engagement.
- Debt Financing
- Amount Raised: $1M
- Date: March 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To manage cash flow and operational expenses.
- Series C
- Amount Raised: ₹1.4B
- Date: November 2018
- Lead Investors: Lightspeed India Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technological infrastructure and expand into new cities.
- Series C
- Amount Raised: ₹293M
- Date: May 2020
- Lead Investors: Lightspeed Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support business continuity during the COVID-19 pandemic.
- Series D
- Amount Raised: $7M
- Date: July 2020
- Lead Investors: Samsung Venture Investment
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To drive innovation and expand product offerings.
- Venture Round
- Amount Raised: $3M
- Date: August 2021
- Lead Investors: RA Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To explore new market opportunities and partnerships.
- Series D
- Amount Raised: $60M
- Date: November 2021
- Lead Investors: Zomato
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into new markets and categories.
Total Amount Raised: $81.05M + ₹1.693B
Current Valuation: Not publicly disclosed
Key Investors
- Zomato
- Details: Zomato is a global restaurant aggregator and food delivery company. It provides information, menus, and user reviews of restaurants, as well as food delivery options from partner restaurants in select cities.
- Investment Focus Areas: Food delivery, restaurant discovery, hyperlocal e-commerce.
- Notable Investments: Blinkit, Uber Eats India, Fitso.
- Lightspeed Venture Partners
- Details: Lightspeed Venture Partners is a venture capital firm that focuses on early-stage investments in the enterprise and consumer sectors. The firm has a global presence with offices in Silicon Valley, Israel, India, and China.
- Investment Focus Areas: Technology, consumer, enterprise, health.
- Notable Investments: Snapchat, Grubhub, Nest.
- Samsung Venture Investment
- Details: Samsung Venture Investment Corporation (SVIC) is the venture capital arm of Samsung Group. It focuses on investments that align with Samsung's strategic interests.
- Investment Focus Areas: Technology, semiconductors, software, telecommunications.
- Notable Investments: Ring, Graphcore, Afero.
- Google Launchpad Accelerator
- Details: Google Launchpad Accelerator is a program by Google that supports startups through mentorship, technical support, and equity-free funding. It aims to help startups scale and succeed globally.
- Investment Focus Areas: Technology, artificial intelligence, machine learning, mobile applications.
- Notable Investments: Dunzo, Khatabook, ShareChat.
- RA Holdings
- Details: RA Holdings is an investment firm that focuses on providing growth capital to innovative companies. The firm has a diverse portfolio across various sectors.
- Investment Focus Areas: Technology, healthcare, consumer goods, financial services.
- Notable Investments: Not publicly disclosed.
What's Next for Magicpin?
Magicpin's future looks promising as it plans to expand into new markets and categories, leveraging its strong user base and merchant network. With six million active users and savings on nearly 170,000 merchants, the platform is poised to deepen its presence in existing markets and explore new geographical areas. The growing trend of hyperlocal e-commerce and the increasing importance of omni-channel retail experiences present significant opportunities for Magicpin to enhance its offerings and drive user engagement.
Future fundraising opportunities seem likely, given the successful Series D round led by Zomato. This strategic investment indicates potential for further funding rounds to support Magicpin's aggressive expansion and technological advancements. However, the company may face challenges such as competition from other platforms, maintaining user satisfaction, and navigating regulatory hurdles in new regions. Despite these challenges, Magicpin's strategic partnerships and innovative approach position it well for continued growth and success.
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