Magicpin is a hyperlocal discovery and rewards platform that uses location intelligence to deliver discovery, recommendations, and rewards for local experiences across categories like restaurants, nightlife, beauty, and fashion. Users share pictures of their experiences which surface in other users' feeds to inspire discovery and purchases; the company added augmented reality (AR) features (described as a VR feature for redeeming virtual reward points) to its app in December. It operates in Delhi, Mumbai, Bengaluru, Hyderabad, Chennai, and Pune and claims 1.4 million users, over 100,000 downloads, and that it facilitates Rs 30 crore of monthly sales for food & beverage partners including KFC and Hard Rock Café. The platform targets users aged 16–32, reports 40% fortnightly return rate, and is largely dominated by women users. Financially, Magicpin reported revenue of Rs 1.83 crore and a loss of Rs 17.3 crore in the last fiscal and had spent about Rs 10 to earn a single rupee in FY17. Competitors include CrownIt, Nearbuy, and Little. Magicpin operates a location-based discovery app that surfaces deals, multimedia content and local experiences while enabling merchants to reach customers online. Merchants pay a subscription fee and remit 12–15% of revenue driven by Magicpin. The service has gathered more than one million registered users and over 50,000 merchants across Delhi, Bombay and Bangalore. Around 30% of users are active monthly, and active users spend roughly 30 minutes in the app on average. Based on May business, Magicpin reports it is on track to generate $40 million in annualized spend through partner merchants (this refers to merchant gross spend, not Magicpin’s take). The company plans to expand into additional tier-one and tier-two cities, further develop its technology, provide more actionable intelligence for merchants, and broaden category coverage.

Total raised

$8M

Funding rounds

2

Latest round

Debt Financing

Latest activity

Mar 2018