Proclaiming itself as the “social network for local experiences,” India-based Magicpin has taken massive strides in its business that connects consumers to local merchants by closing a US$7.0 mn Series B round. To date, the company has raised more than US$10.0 mn on the strong backs of confidential overseas investors, Westbridge, and Lightspeed India Partners. Anshoo Sharma, CEO of two-year-old Magicpin, revealed the company could generate a US$40.0 mn for its subscribed merchants in annualized revenue.
CEO Shares Imposing Figures of Profit
Magicpin has picked up pace in recent times with over 50,000 merchants making business with the company in Bangalore, Mumbai, and Delhi and 1.0 mn plus registered users. Sharma unveiled more numbers in an interview with a technology-related website. The company has analyzed 30 min as the average use time of its app and 30.0% of its users that stay active on a monthly basis.
How Magicpin Works?
Magicpin has seemingly taken inspiration from Foursquare, combining some of its elements with offline-to-online services. However, the focus is more on multimedia and images. Using Foursquare’s style, the app is able to serve up discounts and deals in and around the location of a consumer. Merchants, on the other hand, pay 12.0% to 15.0% of all their revenue generated via Magicpin. The app asks merchants to pay a subscription-free to use the platform. The basic theme of Magicpin is to connect consumers with things they love to do and places they love to visit while allowing merchants to reach potential customers through the power of the Internet.