Total amount raised
$104.9 Million
Latest funding date
11/1/2021
Location
Magicpin has successfully raised funding over 9 rounds, with notable investors including Zomato and Lightspeed Venture Partners. The platform is recognized as India's 3rd largest food delivery app, offering a range of services from food delivery to fashion and beauty.
Keep reading to explore the intricacies of Magicpin's fundraising journey and the investors backing this innovative platform.
What Is Magicpin?
Magicpin, founded in 2015, is headquartered in Gurgaon, Haryana, India. The company operates in various industries, including advertising, e-commerce, retail, and food delivery. It is recognized as India's 3rd largest food delivery app.
With an employee count ranging from 501 to 1000, Magicpin offers a platform that allows users to shop and interact with those around them. The company focuses on driving consumer engagement and providing actionable insights for brands and SME retailers.
How Much Funding Has Magicpin Raised?
- Series A
- Amount Raised: USD 3,000,000
- Date: February 2016
- Lead Investors: Lightspeed Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and enhance technology.
- Non-Equity Assistance
- Amount Raised: USD 50,000
- Date: May 2016
- Lead Investors: Google Launchpad Accelerator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To receive mentorship and support from Google.
- Series B
- Amount Raised: USD 7,000,000
- Date: May 2017
- Lead Investors: Lightspeed Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and enter new markets.
- Debt Financing
- Amount Raised: USD 1,000,000
- Date: March 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses.
- Series C
- Amount Raised: INR 1,410,000,000
- Date: November 2018
- Lead Investors: Lightspeed India Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand across various categories and deepen market presence.
- Series C
- Amount Raised: INR 293,000,000
- Date: May 2020
- Lead Investors: Lightspeed Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and infrastructure.
- Series D
- Amount Raised: USD 7,000,000
- Date: July 2020
- Lead Investors: Samsung Venture Investment
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop new products and enter new markets.
- Series Unknown
- Amount Raised: USD 3,000,000
- Date: August 2021
- Lead Investors: RA Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support business growth and expansion.
- Series D
- Amount Raised: USD 60,000,000
- Date: November 2021
- Lead Investors: Zomato
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To deepen market presence and expand into new categories.
Total Amount Raised: USD 81,050,000. Current Valuation: Not publicly disclosed.
Key Investors
- Zomato
- Details: Zomato is a global restaurant discovery and food delivery service. It has acquired companies like Uber Eats India to expand its market presence.
- Investment Focus Areas: Food and beverage industry, restaurant discovery, food delivery services.
- Notable Investments: Uber Eats India, various food tech startups.
- Lightspeed Venture Partners
- Details: Lightspeed is a venture capital firm that focuses on early-stage investments in the enterprise and consumer sectors. It has supported Magicpin in every round of financing since the company was founded.
- Investment Focus Areas: Technology, enterprise solutions, consumer products and services, health sectors.
- Notable Investments: Snapchat, Nest, Grubhub.
- Samsung Venture Investment
- Details: Samsung Venture Investment is the venture capital arm of Samsung Group. It focuses on investments that align with Samsung's strategic interests.
- Investment Focus Areas: Technology, electronics, software.
- Notable Investments: Not publicly disclosed.
- RA Holdings
- Details: RA Holdings is an investment firm that participated in Magicpin's Series Unknown funding round. It focuses on supporting business growth and expansion.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
- Google Launchpad Accelerator
- Details: Google Launchpad Accelerator is a program by Google that provides mentorship and support to startups. It aims to help startups scale their businesses.
- Investment Focus Areas: Technology, software, innovation.
- Notable Investments: Not publicly disclosed.
What's Next for Magicpin?
Magicpin is poised to capitalize on the burgeoning opportunities in the hyperlocal e-commerce space. With plans to expand into new markets and categories such as fashion, food, electronics, and nightlife, the company aims to deepen its presence in existing markets while leveraging the fast-growing digital world for local retailers. Serving six million active users and providing savings on nearly 170,000 merchants, Magicpin is well-positioned to drive omni-channel growth and enhance the offline shopping experience.
Future fundraising opportunities appear promising, given the successful Series D round led by Zomato and the continued support from Lightspeed Venture Partners. These strategic investments suggest potential for additional funding rounds to fuel further expansion and innovation. However, Magicpin may face challenges such as competition from other hyperlocal platforms, maintaining user engagement, and managing logistics as it scales operations. Adapting to changing consumer behaviors and market dynamics will be crucial for sustained growth.
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