Hyperlocal discovery platform Magicpin is raising nearly $6.6 million (around Rs 42 crore) in a Series B round of investment from existing investor Lightspeed Venture Partners and investment firm Vy Capital, two people familiar with the matter told VCCircle.
The total quantum of funds being raised and other investors participating in this round could not be immediately ascertained.
Email queries sent to Magicpin and Lightspeed Venture Partners did not elicit a response at the time of writing this report.
Magicpin was founded in August 2015 by former venture partner at Lightspeed, Anshoo Sharma and former vice president at Nexus Venture Partners, Brij Bhushan. It was incubated by Lightspeed Venture Partners. Both Sharma and Bhushan, who are alumni of IIM-Ahmedabad and IIM-Bangalore, respectively, have previously worked with global software multinational Aricent and consulting firm Bain & Co.
Run by Samast Technology Pvt Ltd, the startup calls itself a social network for local experiences, where users can discover restaurants and events, and interact with merchants in their region. The platform also provides real-time promotions, loyalty programmes and content updates. Users can upload their bills on the app and earn cashback.
Lightspeed’s most recent investment was in home rental startup FastFox. Prior to that, it backed Gurgaon-based micro-lending startup RedCarpetTech Pvt Ltd, where it led the startup’s $2.5 million round. Besides these, the venture capital firm has invested in edtech startup Byju’s, budget accommodation aggregator OYO Rooms, social networking app ShareChat, e-commerce firms Craftsvilla and Limeroad, among others.
Vy Capital has previously invested in HyperTrack and restaurant listings and delivery firm Zomato.
Recent deals in the rewards segment include loyalty rewards app mPaani Solutions Pvt Ltd, which raised $1.35 million in its pre-Series A investment round led by IDG Ventures, Blume Ventures and Saha Fund in March this year.
Another startup in this space is Crownit, run by GoldVIP Technology Solutions Pvt. Ltd., which is backed by Accel Partners and Helion Venture Partners.
Other companies in the deals segment include Nearbuy, Mydala, and CashKaro.