Magicpin, a hyperlocal discovery and rewards platform, has raised $20 million, or Rs 142 crore, in a fresh round of funding led by venture capital firm Lightspeed Venture Partners.
Existing investors Lightspeed India Partners and WaterBridge Ventures also participated in the round, The Economic Times reported. Gurugram-based Magicpin has been valued at $100 million in the deal, it added.
ALSO READ: Beijing-based logistics startup Geek+ raised $150 million in Series B round
Magicpin founder and chief executive Anshoo Sharma confirmed the fundraise but did not divulge further details.
The development comes 18 months after Magicpin raised $7 million in a Series B round of funding from Lightspeed India, WaterBridge and others, it said.
Magicpin was founded in August 2015 by Sharma, a former venture partner at Lightspeed, and Brij Bhushan, former vice president at Nexus Venture Partners. The startup was incubated by Lightspeed.
ALSO READ: Autodesk acquires construction software startup PlanGrid for $875 million
Sharma and Bhushan are graduates of Indian Institute of Management Ahmedabad and IIM Bengaluru respectively.
Operating in NCR, Mumbai and Bengaluru it is a social network for local experiences. It enables users to discover restaurants, events, nightlife and fashion, among others, and helps them interact with merchants.
Click here for Latest News updates and viral videos on our AI-powered smart news genie