Magicpin is all set to raise Rs 29.3 crore in a new round led by Lightspeed Venture Partners. The recent round of financing is taking place after 20 months and at a moment where the business has been at a complete halt from last more than 50 days.
The other names who have participated in the round are Moonstone Investments, WaterBridge Venture, The Bunting Family Private Fund LLC, and Srivatsan Rajan. According to regulatory filings, Lightspeed will put in Rs 23.16 crore. Moonstone Investments would invest Rs 2.86 crore while WaterBridge is picking up Rs 1.23 crore worth shares.
Since the business has been at a complete standstill due to COVID 19 pandemic, Magicpin had stepped into the delivery of essential commodities. It has introduced a campaign named #savetheLocal- to help offline retailers. Magicpin also made a debut in the overseas market; starting with Jakarta.
After the completion of a recent round of investment, the company will be valued in the range of Rs 1,107 crore ($148 million). It will be a sharp jump from its market cap which stood around Rs 700 crore ($100 million) during Series C round.
Once the transactions go through, Lightspeed will control 42.27% stake in Magicpin while The Bunting Family Private Fund LLC would command 6.78% equity.
Magicpin competes with ShopX, Paytm-owned NearBuy and Little among a few others. Crownit also used to be one of its competitors, however, the company had pivoted to become a market intelligence platform for brands.