In the most recent funding, Gurugram-based hyperlocal discovery platform Magicpin raised $7 Mn from the existing investor Lightspeed India Partners, Waterbridge Ventures, and others. The round also saw participation from the Bain & Co India chairman Srivatsan Rajan and Delhivery co-founder and CEO Sahil Barua, the company said in a statement.
The startup will use the funds in product enhancement, leadership team building, and to expand across categories and geographies.
The two-year-old startup was founded by former Lightspeed investor Anshoo Sharma (CEO) and ex-Nexus Venture Partners investor Brij Bhushan (COO) who met while working at consulting firm Bain & Co. The startup enables users to discover restaurants, events, nightlife and fashion, among others and helps them interact with merchants.
Commenting on the funding, Anshoo Sharma, co-founder & CEO, Magicpin said “Over the last 12 months, we have invested in building a product that delivers strong user retention and purchase frequency and validating unit economics at a neighborhood level. This infusion of funds will help us scale across cities and categories.”
At present, Magicpin operates in Delhi-NCR, Mumbai and Bengaluru and claims to have more than one million users and about 50,000 merchants on its platform. The company has grown 7x in the last 12 months to reach $40 Mn in annual business that it drives to its merchant base.
Earlier in February 2016, The company had raised $3 Mn in Series A round of funding from Lightspeed. It was selected for the Google Launchpad Accelerator programme, organized at Google Headquarters in Silicon Valley, California.