Samsung Venture invests $7 million in Magicpin
The e-commerce start-up said the funds will be used mainly for business expansion and development of new products.
Samsung Venture Investment Corporation invested $7 million in Gurgaon based Magicpin. The e-commerce start-up said the funds will be used mainly for business expansion and development of new products.
Anshoo Sharma, CEO and Co-founder, Magicpin, said: “The investment from Samsung Venture Investment Corporation will be used in our operations across cities, markets, categories, and for developing online products like magicstore.”
Magicpin also said it will charge ‘zero commission’ on sales of retailers that will onboard its ‘magicstore’ platform. In addition to the traditional catalogue-based ordering system, it will offer an AI-powered list-based ordering system, which will be similar to how customers order from grocery or pharmacy stores over phone or WhatsApp.
The company rewards customers in the form of cashbacks or points for visiting and spending on outlets that are listed on its platform or some of the brand outlets.