Samsung’s venture arm invests in hyperlocal discovery startup Magicpin
Summary
Samast Technologies Pvt Ltd, which operates hyperlocal discovery platform Magicpin, has raised Rs 52 crore (about $7 million) in funding, according to reports. Other Indian companies in Samsung Venture’s portfolio include rental platform Rentomojo, smartphone operating system Indus OS, and speech technology startup Gnani.ai. The capital commitment to the startup comes after it raised Rs 29.27 crore (around $3.88 million) in May from a clutch of investors led by Lightspeed. Other investors that took part in the round included The Bunting Family Private Fund, Moonstone Investments Ltd, and WaterBridge Ventures. As part of this fundraise, it also announced that it will charge a zero commission on the sales of retailers that will place their services on the company’s Magicstore platform.