magicpin raises $7 million from Samsung Venture, existing investors

Hyperlocal discovery and rewards platform magicpin has raised $ 7 million from Samsung Venture Investment Corporation (SVIC) and its existing investors including Lightspeed and Waterbridge Ventures. This fund-raising is part of the company’s ongoing Series-D round.

SVIC is the investment arm of Korean major Samsung Corporation that invests in future-oriented business.

magicpin, which forayed into delivery services in April, has also now rolled-out its whitelabel technology solutions for offline retailers and restaurants to enable them to service online orders on their own. The company’s move to offer technology solutions comes at a time when restaurant owners are banking on online orders for revenues in a significant manner, as footfalls for dining services have been adversely impacted due to the pandemic.

Anshoo Sharma, Co-Founder & CEO, magicpin told BusinessLine , “ he latest funding is a strong validation of our business model and puts us in a strong position to puruse our strategies. This fundraising is part of our ongoing Series-D round which we will close once we see revival in the market The capital will be used to grow our existing business and for new product development.”

Talking about the company’s move to begin offering technology solutions to help digitise offline retailers and restaurants, Sharma said, “Our core business focusses on connecting users with offline retailers. As the pandemic hit the country, we ventured into delivery services in April, and now we have rolled out our technology solutions for offline retailers to enable home ordering themselves at zero commissions. We are giving the complete technology stack for ordering, payments and fulfilment.”

The company said that merchant will get “a white label AI-powered front-end” called magicstore and any orders that originate through that interface will not be chargeable. In addition, it will also offer its marketing services and value-added payment and fulfilment services. “Our goal is to ensure continuity and sustainability for our merchant partners. We will be offering the entire technology stack solutions on a monthly fee basis. In addition, we will be offering our marketing services to our offline retailer partners and other value-added services,” he added.

The company expects to see strong demand for its technology solution offering from restaurant owners, grocery store owners, pharmacies, stationary store owners as well as fashion retailers in the coming days. Last year restaurant industry had raised serious concerns regarding high commissions charged by some of the hyperlocal food delivery platforms and the company expects to see strong traction from the restaurant industry with its zero commission strategy.

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