Magicpin: Transforming the Landscape of Online Business Discovery and Rewarding Transactions
Magicpin is a rapidly growing Indian startup that has achieved great success in the digital commerce space. Founded in 2015 by Anshoo Sharma and Brij Bhushan, Magicpin is a local discovery and rewards platform that connects consumers with local businesses and offers them exclusive deals, discounts, and cashback rewards.
The idea behind Magicpin was to bridge the gap between local businesses and consumers by creating a platform where users could discover and explore nearby stores, restaurants, salons, and other establishments, while also providing them with incentives to visit these places and make purchases.
Magicpin operates through a mobile app, which users can download for free and use to explore local businesses in their vicinity. The app utilizes location-based services to suggest nearby places and displays relevant information such as contact details, photos, reviews, and ratings.
One of the key factors contributing to Magicpin’s success is its unique rewards system. When users make purchases at partner merchants, they earn “magicpin points” that can be redeemed for cashback or vouchers for various products and services. This rewards system incentivizes users to explore and spend at local businesses, driving footfall and sales for merchants.
Another important aspect of Magicpin’s success is its focus on building a strong community. The app allows users to follow their friends, share recommendations, and discover new places based on their social connections. This social element adds a personal touch to the platform and encourages users to engage with the app regularly.
Magicpin’s success can be attributed to its ability to tap into the growing digital commerce market in India. With the increasing adoption of smartphones and internet connectivity, more consumers are seeking convenience and value while making purchasing decisions. Magicpin offers a seamless and rewarding experience that aligns with these evolving consumer preferences.
The company’s success has not gone unnoticed. Magicpin has raised significant funding from prominent investors, including Lightspeed India Partners, WaterBridge Ventures, and Samsung Ventures, among others. The funds have been used to fuel the company’s expansion and enhance its technology infrastructure.
As of my knowledge cutoff in September 2021, Magicpin was operating in several major cities in India, including Delhi-NCR, Mumbai, Bangalore, Pune, Chennai, and Hyderabad. However, please note that the company’s operations and expansion may have progressed further since then.
In conclusion, Magicpin’s success story lies in its ability to leverage technology, provide value to both consumers and local businesses, and create a thriving community. By offering a platform that facilitates local discovery, rewards users, and fosters social connections, Magicpin has emerged as a significant player in the Indian digital commerce landscape.
Magicpin - Company Highlights
| Startup Name | Magicpin |
|---|---|
| Headquarter | Gurugram, India |
| Sector | E-commerce |
| Founders | Anshoo Sharma, Brij Bhushan |
| Founded | 2015 |
| Total Funding | $104.8 Million (January 2022) |
| Valuation | $312 million (November 2021) |
| Revenue | $28.11 mn (Rs 211 crore in FY21) |
| GMV (Gross Merchandise Value) | ~ $1 Billion (2020) |
| Competitors | Nearbuy, BlueBook, Little |
| Legal Name | Samast Technologies |
| Website | magicpin.in |
Table of Contents
Magicpin – About & How does Magicpin work?
Magicpin – News
Magicpin – Founders and Team
Magicpin – Name, Tagline and LogoMagicpin – Mission and Vision
Magicpin – Business Model & Revenue Model
Magicpin – Funding & Investors
Magicpin – Growth
Magicpin – Competitors
Magicpin – Partnerships & Tie-ups
Magicpin – ESOPs
Magicpin – Future Plans
Magicpin – FAQs
Magicpin - News
Magicpin, the hyperlocal startup, has announced a remarkable 100% growth in daily orders on the ONDC (Open Network for Digital Commerce) for the week ending May 7. Within a week, Magicpin’s daily orders doubled to reach 20,000, reflecting its strong presence on its own buyer app as well as platforms like Paytm, Phonepe’s Pincode, and Meesho. Magicpin joined ONDC in March to provide small and medium local retailers in the food and beverage category with broader customer access. Additionally, the startup is developing a SaaS platform for the ONDC initiative, offering digital payment tools, customer engagement solutions, and loyalty programs to SMEs, empowering them to compete with larger players. Magicpin CEO & Co-Founder, Anshoo Sharma, expressed pride in achieving this milestone and highlighted the company’s rapid growth within ONDC. In another development, PayNearby has launched PayNearby Mall, a meta commerce platform set to integrate with ONDC, aiming to upgrade every retailer in its network and empower them with easy access to goods and services. PayNearby Mall seeks to digitally transform small businesses, aligning them with the current ecommerce revolution.
Magicpin - About & How does Magicpin work?
Magicpin: Discover Local Gems and Engage with Personalized Offers
Introduction: Magicpin is an innovative online location intelligence platform that allows users to effortlessly explore nearby restaurants, fashion stores, spas, and fitness centers. With its headquarters in Gurgaon, Haryana, Magicpin serves as a platform for merchants and brands to engage with their customers by offering personalized offers and experiences.
Recognition: As a versatile platform, Magicpin not only helps users discover local establishments but also enables them to gain recognition for their taste and interests through followers, likes, and comments on local activities. It fosters a sense of community and empowers users to share their experiences and recommendations.
Referral Chain: What sets Magicpin apart is its unique referral chain feature. By encouraging merchants’ customers to spread the word within their local communities and social circles, Magicpin creates a powerful network effect, amplifying the platform’s reach and impact.
Discovery: Magicpin goes beyond mere business listings. It enables users to discover trending events, interesting people, and relevant activities in their locality. This feature adds an element of excitement and intrigue, making every user’s journey on the platform engaging and enriching.
Potential Customer Acquisition: Magicpin caters to both new and established merchants, providing them with a valuable opportunity to acquire potential consumers. By connecting businesses with interested customers in their vicinity, Magicpin drives customer acquisition and supports the growth of local businesses.
Increase in Utilization: One of the key advantages of Magicpin is its ability to generate transactions during off-peak hours and help merchants liquidate excess inventory. This not only boosts business revenue but also enhances operational efficiency and customer satisfaction.
Savings: Through its merchant rewards programs designed exclusively for Magicpin users, the platform offers opportunities for savings. Users can enjoy discounts, cashback, and other benefits while supporting their favorite local businesses.
Enhancing Customer Engagement: Magicpin understands the importance of customer engagement. With well-crafted strategies and enticing offers, the platform encourages existing customers to return more frequently, fostering loyalty and long-term relationships.
Conclusion: Magicpin has revolutionized the way users discover local businesses and engage with personalized offers. By combining location intelligence, social connections, and an array of benefits, Magicpin creates a vibrant ecosystem that benefits both users and merchants. Whether it’s exploring new venues, gaining recognition for personal preferences, or enjoying exclusive rewards, Magicpin enriches the local shopping and dining experience for all.
Magicpin - Founders and Team
Anshoo Sharma: Leading Magicpin Towards Success
Anshoo Sharma, the CEO and Co-Founder of Magicpin, brings a wealth of experience to the company. With over 15 years of professional experience in investing, consulting, and tech roles in India and the USA, Anshoo’s expertise has been instrumental in shaping Magicpin’s growth. Prior to founding Magicpin, Anshoo was the second person on Lightspeed’s India team, where he led or actively participated in nine investments over nearly six years. He also spent four years at Bain & Co, both in Boston and India, advising and consulting for various clients.
Anshoo holds a degree from IIM-Ahmedabad and has previously worked at notable companies such as Motorola and Hughes Software (Aricent) in product and technology roles. Beyond his professional achievements, Anshoo enjoys spending time with his family, driving, and indulging in music and movies.
Brij Bhusan: Driving Operations and Innovation as COO & Co-Founder
Brij Bhusan, the COO and Co-Founder of Magicpin, is a key contributor to the company’s success. With a strong background in the start-up ecosystem, Brij has extensive experience in investment and leadership roles. Before co-founding Magicpin, he was involved with Nexus Ventures, an investment firm focused on early-stage start-ups. Additionally, Brij spent four years at Bain & Co in India and the USA after graduating from IIM Bangalore. Prior to his consulting career, he held technology-related roles.
Brij is passionate about problem-solving and enjoys building things from scratch. Outside of his commitment to building Magicpin, he values spending quality time with his family and finds joy in traveling and reading.
Abhishek Awasthi: A Founding Member and Senior Vice-President
Abhishek Awasthi is a founding member of Magicpin and currently holds the position of Senior Vice-President. He has been closely aligned with the company since its inception, contributing to its growth and success. With his expertise and dedication, Awasthi has played a vital role in shaping Magicpin’s trajectory.
The Magicpin Team: A Strong Force Driving Innovation
The Magicpin team comprises more than 500 talented individuals who contribute to the company’s success. From engineering and product development to sales and customer support, the team works cohesively to drive innovation, deliver exceptional user experiences, and forge meaningful partnerships. Their combined efforts have propelled Magicpin’s growth and established it as a leading player in the industry.
Magicpin - Name, Tagline and Logo
“No exaggerations. We are on a mission to make hyperlocal magical,” goes the tagline of magicpin.
Magicpin - Mission and Vision
Mission: Magicpin’s mission is to make hyperlocal experiences magical by connecting users with nearby businesses, providing personalized recommendations, and fostering community engagement.
Vision: Magicpin envisions a world where local businesses thrive, communities flourish, and users have convenient access to the best offerings in their neighborhoods. By leveraging technology and innovation, Magicpin aims to revolutionize the way people discover, engage with, and support local businesses.
Magicpin - Business Model & Revenue Model
According to Anshoo, Magicpin’s business model revolves around the merchant and brand partnerships. Merchants and brands use the platform to engage with customers and offer personalized offers, paying a recurring platform fee and per-transaction charges.
Magicpin operates as a data and technology company with a cost-efficient structure, allowing scalability without significant cost increases. The platform reads and logs bill invoices uploaded by customers, tracking their shopping patterns across various categories.
Customers share their local experiences through picture stories and earn Magicpin points, which can be redeemed for services and experiences at partnered merchants. Magicpin generates revenue through merchant commissions, typically ranging from 10-12%. Additionally, advertising and marketing leveraging consumer data provide additional revenue streams by helping merchants reach their target customers effectively.
Magicpin Other Information
Platform Features: The Magicpin platform boasts a range of features designed to enhance the user experience. Through location-based suggestions, users can effortlessly discover nearby stores, restaurants, salons, and more. Detailed business information, including contact details, photos, reviews, and ratings, empowers users to make informed decisions. Moreover, the platform fosters engagement by offering a comprehensive rewards system.
Unique Rewards System: Magicpin stands out with its innovative rewards system, which incentivizes users to patronize local businesses. With each purchase made at partner merchants, users earn magicpin points. These points can be redeemed for cashback or vouchers, providing users with tangible rewards for their loyalty and purchases.
Benefits for Consumers: Magicpin offers numerous benefits to consumers. Exclusive deals and discounts make shopping and dining experiences more affordable, while the platform’s comprehensive business information enables users to discover new establishments that align with their preferences. Magicpin empowers users to explore their local communities conveniently, supporting small businesses and fostering a sense of connection and pride.
Benefits for Local Businesses: Magicpin serves as a catalyst for local business growth. By driving footfall and increasing sales, the platform helps merchants thrive in a competitive market. Magicpin provides businesses with exposure to a wider customer base and offers valuable insights through user reviews and ratings, allowing them to refine their offerings and deliver exceptional customer experiences.
Community Building: At the heart of Magicpin lies a vibrant and engaged community. Users can connect with friends, share recommendations, and discover new businesses through social connections within the platform. The personal connections forged on Magicpin enhance user engagement and foster a sense of belonging within the local community.
Funding and Investors: Magicpin’s success has been further propelled by significant funding from notable investors. With these investments, the company has been able to accelerate its growth, expand its operations, and continuously innovate its platform to better serve its users and partners.
Expansion and Reach: Starting with a humble presence in select cities, Magicpin has rapidly expanded its reach across India. The platform now operates in numerous cities, with plans for further expansion. Magicpin’s commitment to connecting consumers with local businesses remains steadfast as it seeks to empower communities nationwide.
Success Metrics: Magicpin has achieved remarkable milestones and garnered recognition in the digital commerce landscape. It has witnessed substantial user base growth, recorded impressive transaction volumes, and forged partnerships with major brands, further solidifying its position as a leader in the market.
User Testimonials: Magicpin has garnered glowing testimonials from its users, who praise the platform for its convenience, valuable rewards, and the joy of supporting local businesses. Users highlight how Magicpin has transformed their shopping experiences and enabled them to discover hidden gems in their neighborhoods.
Future Outlook: Looking ahead, Magicpin is poised for continued success. As it navigates future challenges, the company remains committed to delivering value to both consumers and local businesses. With a focus on innovation, strategic partnerships, and expanding its service offerings, Magicpin aims to shape the future of digital commerce in India.
Magicpin - Funding & Investors
Magicpin has secured a significant amount of funding throughout its growth journey. To date, the company has raised a total of $104.8 million in funding across 9 rounds. In its most recent funding round on November 10, 2021, Magicpin raised $60 million from Zomato.
Prior to that, the company had raised $3 million in a Venture round led by Ritesh Agarwal, the founder of Oyo, through his personal special purpose vehicle (SPV) called RA Holdings. This funding round valued Magicpin at $165 million.
These investments highlight the confidence and support from notable investors, enabling Magicpin to further develop its platform, expand its operations, and continue providing value to its users and partner merchants.
Magicpin is funded by 6 lead investors and 14 investors overall, including WaterBridge Ventures, Lightspeed Venture Partners, Srivatsan Rajan, Moonstone Investments, The Bunting Family Private Fund, Trifecta Capital Advisors, and more.
| Date | Stage | Amount | Investors |
|---|---|---|---|
| November 10, 2021 | Series D | $60 million | Zomato |
| August 31, 2021 | Venture Round | $3 million | Ritesh Agarwal, Lightspeed, The Bunting Family and Moonstone |
| July 2020 | Series C | $3 million | Samsung Venture Investment Corporation |
| May 2020 | Series C | $3.8 million | Lightspeed, Waterbridge Ventures, The Bunting Family Private Fund and Moonstone Investments |
| November 2018 | Series C | $20 million | Lightspeed India Partners |
| March 2018 | Debt Financing | $1 million | Trifecta Capital |
| May 31, 2017 | Series B | $7 million | Lightspeed Venture Partners |
| May 11, 2016 | Non Equity Assistance | $50K | Google Launchpad Accelerator |
| February 22, 2016 | Series A | $3 million | Lightspeed Venture Partners |
Magicpin - Growth
Magicpin has achieved significant milestones and established a strong presence in the market. With over 6 million users, the platform operates in 12+ cities, including Delhi, Gurugram, Noida, Bengaluru, Mumbai, Pune, Hyderabad, Chandigarh, Jaipur, Goa, Chennai, and Ahmedabad.
The company’s growth has been remarkable, expanding 7x in the past year, generating an average revenue of $3 million. Magicpin has facilitated the sharing of over 5 million experiences by more than 1 million active users on the app. The app’s engaging features keep users spending up to 70 minutes on the platform daily.
Magicpin’s extensive network comprises over 170,000 merchants, with larger retailers like McDonald’s, Hard Rock Cafe, KFC, Beer Cafe, Keventers, and Subway contributing 25% of the total business. The remaining 75% comes from smaller merchants, reflecting the company’s focus on supporting local businesses. The food and beverage industry accounts for the largest share of business at 60%, followed by fashion and beauty.
During the pandemic, Magicpin adapted its services to meet the evolving needs of users. It introduced essentials delivery by leveraging partnerships with local retailers and collaborating with last-mile delivery logistics firms. This allowed users to conveniently access essential products like groceries, packaged food, and hygiene items.
These initiatives and partnerships highlight Magicpin’s commitment to providing value, convenience, and support to its users and merchant partners, further establishing its position as a leading player in the hyperlocal market.
Magicpin - Competitors
In the hyperlocal discovery and rewards space, Magicpin faces competition from several players. Some of its key competitors include:
Nearbuy: Nearbuy is a leading hyperlocal platform that offers deals, discounts, and vouchers for various categories such as dining, wellness, travel, and entertainment. It operates in multiple cities across India and provides users with a wide range of options to explore and save on their local experiences.
Little: Little is another popular hyperlocal platform that allows users to discover and avail of deals, offers, and discounts at local businesses. It offers a diverse range of services, including dining, beauty, health, and entertainment. Little focuses on providing personalized recommendations based on user preferences and behavior.
Paytm Insider: Paytm Insider is a comprehensive platform that offers a wide array of events, experiences, and activities across multiple cities. It enables users to discover and book tickets for concerts, shows, workshops, and more. Paytm Insider also provides cashback and exclusive offers for users.
Crownit: Crownit is a hyperlocal platform that specializes in offering rewards, cashback, and discounts to users for their transactions at local merchants. It covers various categories such as dining, beauty, and shopping. Crownit engages users through interactive features like polls and games.
Dineout: Dineout is a popular platform for discovering and booking dining experiences at restaurants. It provides users with offers, deals, and cashback rewards when they make reservations or dine at partner restaurants. Dineout also offers features like menu browsing, reviews, and ratings.
These competitors, along with others in the market, strive to provide similar benefits and experiences to users and merchants. Magicpin differentiates itself through its unique rewards system, personalized recommendations, and its focus on fostering community engagement.
Magicpin - Partnerships & Tie-ups
Magicpin has established numerous partnerships and tie-ups to enhance its offerings and provide added value to its users. Some notable partnerships and tie-ups of Magicpin include:
Zomato: In November 2021, Magicpin raised $60 million in funding from Zomato, one of India’s leading online food delivery and restaurant discovery platforms. This partnership not only strengthened Magicpin’s financial position but also paved the way for potential synergies between the two companies.
McDonald’s: Magicpin collaborates with global fast-food chain McDonald’s to provide exclusive deals, discounts, and rewards to Magicpin users when they dine at McDonald’s outlets. This partnership boosts footfall and customer engagement for McDonald’s while offering added benefits to Magicpin users.
Hard Rock Cafe: Magicpin has partnered with popular music-themed restaurant chain Hard Rock Cafe, offering special rewards and discounts to Magicpin users. This collaboration allows users to enjoy a unique dining experience while availing themselves of the benefits provided by Magicpin.
KFC: Magicpin has tied up with KFC, a renowned fast-food restaurant chain, to offer incentives and rewards to Magicpin users who visit KFC outlets. This partnership encourages customer loyalty and repeat visits while enabling KFC to reach a broader customer base.
Beer Cafe: Magicpin’s partnership with Beer Cafe, a popular chain of beer-centric cafes, allows Magicpin users to earn rewards and enjoy exclusive offers when they visit Beer Cafe outlets. This collaboration enhances the overall experience for Magicpin users and drives footfall to Beer Cafe locations.
Keventers: Magicpin has joined forces with Keventers, a well-known milkshake brand, to provide users with special rewards and discounts when they indulge in Keventers’ delicious milkshakes. This partnership enhances brand visibility for Keventers and offers added value to Magicpin users.
These partnerships and tie-ups with major brands and merchants across various sectors contribute to Magicpin’s extensive network of partner businesses. They enable Magicpin to offer a diverse range of rewards, discounts, and exclusive deals to its users, enhancing customer satisfaction and driving engagement on the platform.
Magicpin - ESOPs
Magicpin has shown a strong commitment to its employees through its Employee Stock Ownership Plan (ESOP) scheme. The company initially introduced its ESOP scheme in 2015, offering around 1,76,520 ESOP options to its employees. Recognizing the value of employee ownership and the importance of rewarding their contributions, Magicpin increased the ESOP options to 3,89,580 on January 28, 2022. This significant increase of 2.2 times demonstrates the company’s dedication to providing employees with a stake in the company’s growth and success. By expanding the ESOP scheme, Magicpin aims to incentivize and motivate its employees while fostering a culture of ownership and long-term commitment within the organization.
Magicpin - Future Plans
Magicpin has ambitious plans for the future as it continues to solidify its position as a leading local discovery and rewards platform. Here are some key areas of focus for Magicpin’s future plans:
Expansion to New Cities: Magicpin aims to expand its operations to new cities and increase its geographical reach. By entering new markets, the company aims to connect more consumers with local businesses and provide its unique platform benefits to a wider audience.
Enhancing User Experience: Magicpin is committed to continually enhancing its user experience by improving its platform features, interface, and overall usability. The company aims to provide a seamless and intuitive experience for users to discover local businesses, access personalized offers, and engage with the Magicpin community.
Strategic Partnerships: Magicpin will continue to forge strategic partnerships with merchants, brands, and other stakeholders in the ecosystem. By collaborating with key industry players, the company aims to expand its network of partner merchants, offer exclusive deals and promotions, and further enhance the value proposition for both consumers and businesses.
Technology Innovation: As a data and technology-driven company, Magicpin will invest in ongoing innovation and development of its platform. The company aims to leverage advanced technologies, such as machine learning and artificial intelligence, to provide more personalized recommendations, improve user engagement, and drive further growth.
Diversification of Services: Magicpin plans to diversify its service offerings beyond its core focus on restaurants, fashion, and beauty. The company aims to explore new categories and verticals to cater to a broader range of consumer interests and preferences, providing a comprehensive local discovery platform.
International Expansion: Magicpin has the potential to expand its operations beyond the Indian market and explore international opportunities. By entering new countries, the company can replicate its successful model and bring its unique value proposition to a global audience.
Overall, Magicpin’s future plans revolve around growth, innovation, and providing enhanced value to its users, partner merchants, and the local business ecosystem. With a strong focus on technology, user experience, and strategic partnerships, Magicpin is well-positioned to shape the future of hyperlocal discovery and rewards platforms.
Magicpin - FAQs
- What is Magicpin?
Magicpin is an online platform that serves as a local discovery and rewards platform. It allows users to discover and explore nearby restaurants, fashion stores, salons, and other businesses while providing personalized offers and rewards.
- How does Magicpin work?
Magicpin uses location-based suggestions to help users discover businesses in their vicinity. Users can explore detailed business information, including contact details, reviews, and ratings, to make informed decisions. They can also earn rewards points for their purchases at partner merchants, which can be redeemed for cashback or vouchers.
- How can I earn rewards on Magicpin?
Users can earn rewards on Magicpin by making purchases at partner merchants. With each transaction, users accumulate magicpin points that can be redeemed for benefits like cashback or vouchers. Users can also earn additional points by sharing their local experiences through picture stories on the platform.
- What are the benefits for consumers?
Magicpin offers several benefits for consumers. Users can access exclusive deals and discounts, discover new local businesses, and enjoy personalized recommendations based on their preferences. Additionally, users can earn rewards for their purchases and save money on their favorite services and experiences.
- How does Magicpin benefit local businesses?
Magicpin provides local businesses with increased visibility, footfall, and customer engagement. By partnering with Magicpin, businesses can attract new customers, increase sales, and gain valuable insights through user reviews and ratings. The platform also offers a cost-effective marketing channel for businesses to reach their target audience.
- Is Magicpin available in multiple cities?
Yes, Magicpin is operational in multiple cities across India. Currently, it is available in cities like Delhi, Gurugram, Noida, Bengaluru, Mumbai, Pune, Hyderabad, Chandigarh, Jaipur, Goa, Chennai, and Ahmedabad. The company is constantly expanding its presence to serve more cities in the future.
- How can businesses partner with Magicpin?
Local businesses can partner with Magicpin by reaching out to the company through its official website or contacting their business development team. By joining as a partner merchant, businesses can leverage the platform’s features and reach a wider customer base.
- Is Magicpin available internationally?
Currently, Magicpin operates primarily in India. However, the company has the potential to expand its operations internationally in the future, bringing its unique local discovery and rewards platform to a global audience.
- How can I contact Magicpin for support?
Users and businesses can reach out to Magicpin’s support team through the app or the official website. The platform provides customer support services to assist with any queries, issues, or feedback related to their experience on the platform.
- Is Magicpin free to use?
Yes, Magicpin is free for users to download and use. Users can explore businesses, access personalized offers, and earn rewards without any subscription or membership fees. However, users are responsible for their own purchases at partner merchants.
