Hyperlocal discovery platform Magicpin starts operations in Indonesia
Magicpin, a hyperlocal discovery and rewards platform, has launched operations in Indonesia from Jakarta and plans to start operations in 10 more cities soon.
Magicpin users in Indonesia can now avail of rewards such as redeeming credit for offline transactions processed at locations recommended by the platform, an official statement said.
“Being a social plus commerce platform, Indonesia became the first choice because of its very rich retail ecosystem and deep penetration of social media platforms like Instagram. We have started with 50,000 retailers in Jakarta city and truly believe that there is unlimited potential for rapid growth. Our mission is to enable small and large retailers by giving them the power to get new and repeat business from their smartphones. We put our partners first, they decide how much they want to invest in marketing,” said Anshoo Sharma, co-founder and chief executive officer, Magicpin.
Operated by Gurugram-based Samast Technologies, Magicpin was founded in 2015 by Sharma and Brij Bhushan, former executives at management consulting firm Bain and Company.
The startup serves as a discovery platform for retail outlets such as restaurants, bars, apparel stores, spas and grocery stores among others.
The startup claims to have over five million users on its platform and is operational in over 50 cities in India, including Delhi, Gurugram, Noida, Bengaluru, Pune, Mumbai and Hyderabad.
Magicpin counts fast-food chain McDonald’s, restaurant chain The Hard Rock Cafe and hospitality unicorn OYO among its partners.
The startup also runs a rewards programme on the platform which offers cashback on making payments to offline retail outlets.
In November 2018, Magicpin raised $20 million in a funding round led by venture capital firm Lightspeed Venture Partners. Venture capital firm WaterBridge Ventures also participated in the round.
In 2016, Lightspeed has invested $3 million in Magicpin’s Series A round of funding.