E-commerce start-up Magicpin on July 15, said it has raised an investment of Rs 52 crore from Samsung Venture Investment Corporation, which will be mainly used for business expansion and development of new products. The Gurgaon-based company also announced to charge “zero commission” on sales of retailers that will onboard its ‘magicstore’ platform.
“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 CEO and Co-founder, Anshoo Sharma said in a statement.
The company rewards consumers in the form of cashbacks or points for visiting and spending on outlets that are listed on its platform or some of the branded outlets.
It has additionally started a magicstore where retailers can register themselves and get their products delivered to consumers to their doorsteps through Magicpin.
“Consumers want to order from the safety of their homes and magicpin is making its technology available at zero commission to enable retailers to serve their customers,” Sharma said.