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Samsung’s venture arm invests in hyperlocal discovery startup Magicpin
Photo Credit: VCCircle

Samast Technologies Pvt Ltd, which operates hyperlocal discovery platform Magicpin, has raised Rs 52 crore (about $7 million) in funding, according to reports.

Gurugram-based Magicpin has raised this capital from Samsung Venture Investment Corporation, The New Indian Express reported, which is the venture arm of South Korean multinational conglomerate Samsung.

Other Indian companies in Samsung Venture’s portfolio include rental platform Rentomojo, smartphone operating system Indus OS, and speech technology startup Gnani.ai.

Magicpin was set up in 2015 by Anshoo Sharma, a former investor with Lightspeed Venture Partners, and ex-Nexus Venture Partners vice-president Brij Bhushan.

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.

It will use the funding for the expansion of its business and product development. VCCircle has reached out to Magicpin on the details of this investment and will update this report accordingly.

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.

In May 2017, Magicpin raised $7 million (around Rs 45 crore then) in a Series B round of funding from Lightspeed, WaterBridge and others.

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