Hyper local discovery co MagicPin raises Series B funding

NEW DELHI: Gurugram-based hyper local discovery startup MagicPin has raised $7 million towards Series B from existing investor Lightspeed India Partners, Waterbridge Ventures, a $15 million venture fund floated by private equity veteran Manish Kheterpal and two global family offices.

Srivatsan Rajan, Chairman of Bain and Co India, and Sahil Barua, CEO of logistics company Delhivery , also participated in the deal. The company had earlier raised $3 million in Series A from Lightspeed India Partners. MagicPin uses location intelligence to deliver discovery, recommendations and rewards for local experiences.

It counts its primary differentiator as allowing people to share their experience about a place they went to with a post and a pic.

"This content inspires other users to get to know about other places and leads to intent formation. That is a virtuous cycle," said Sharma, CEO at Magicpin.

Bejul Somaia, MD, Lightspeed India Partners, said: "The vast majority of commerce is, and will continue to be, transacted offline. MagicPin's metrics reflect early but exceptional success in capturing smartphone-wielding users and directing their offline spend to participating merchants."