[Funding alert] Magicpin raises Rs 29.3 Cr from Lightspeed Venture Partners, others
Summary
Gurugram-based local discovery, rewards, and commerce platform Magicpin has raised funding of Rs 29.3 crore led by Lightspeed Venture Partners, along with the participation of Moonstone Investments, WaterBridge Venture, The Bunting Family Private Fund, and Srivatsan Rajan, according to the RoC documents. On its website, Magicpin has more than five million users, and is currently live in Delhi, Gurugram, Noida, Bengaluru, Mumbai, Pune, Hyderabad, Chandigarh, Jaipur, Goa, Chennai, and Ahmedabad, and is quickly spreading to more cities and countries. Magicpin previously raised Rs 130 crore ($20 million) funding in November 2018, which was led by Lightspeed Venture Partners. Existing investors Waterbridge Capital, Srivatsan Rajan, Chairman, Bain & Co India had also participated in the round. Consumers earn reward points for shopping at partnered retail outlets, buying specific brands, and also through augmented reality gameplay at a merchant location.