Magicpin, a hyperlocal platform for driving discovery for retail, has also raised $7M of funding from Samsung Venture Investment Corporation as a new investor and existing investors including Lightspeed and Waterbridge. This raise forms part of magicpin’s ongoing Series-D round.
Magicpin has launched ‘MagicStore for Retailers’ to help retailers across categories to set up their online store without having to pay commissions for selling online to their customers. Customers can place orders at their store without needing an app as Magicpin is pre- integrated with payments and logistics providers.
In addition to the traditional catalog-based ordering system, MagicStore offers a unique AI powered list-based ordering system that is very similar to how we order from grocery or pharmacy stores over phone or Whatsapp. Instead of browsing the catalog, the user creates a list of items powered by Magicpin’s AI based recommendation system which are sent over to the retailer, the retailer marks what is available or suggests substitutes assisted by AI in the retailer software, and sends back an itemized bill that the user pays with Magicpin points and cash from credit/debit card or wallets. The order is delivered by the retailer’s staff or Magicpin enables delivery to the customer through its 3PL delivery partners.
Magicpin’s core business of driving footfalls to retailers across categories is quickly recovering as the lockdown is opening up. This new capability allows retailers to get online orders from Magicpin users but also their own existing users and at no marketing commission.
Magicpin was founded in 2015 by Anshoo Sharma and Brij Bhushan to drive discovery for offline retail and has scaled up to $1B+ of GMV across 500K unique retailers in India. The company enables consumers to save on their retail spending across food, fashion, beauty, grocery, and pharmacies and provides a performance marketing solution to large/small retailers as well as manufacturing brands. Other than small retailers, magicpin also drives discovery and business for large retailers like Lifestyle, Westside, Shoppers Stop, Levi’s, Wrangler, Croma, McDonald’s, CCD, KFC, FabIndia, Taco Bell as well as manufacturing brands like P&G, Tata Global, Pepsi, Diageo, Godrej, and ITC.
Anshoo Sharma, CEO & Co-Founder, Magicpin said, “We are committed to supporting the sustainability and growth of our retail ecosystem and MagicStore is a key initiative especially in the current times. Consumers want to order from the safety of their homes and Magicpin is making its world-class technology available at zero commission to enable retailers to serve their customers. If a F&B or grocery retailer wants to enable online ordering, they just need to distribute their white label MagicStore link to customers over SMS, Whatsapp, Google or Facebook and Magicpin will power the ordering, payments and fulfillment at zero marketing cost. Our marketing and loyalty service will continue to be available if the merchant chooses to use them.”
Image source: Magicpin
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