On July 15, Gurgaon-based company Magicpin, an E-commerce Start-up said it has raised an investment of Rs 52 crore from Samsung Venture Investment Corporation. The funds will be mainly used for business expansion and development of new products.
CEO and co-founder of Magicpin, Anshoo Sharma said in a statement, “The investment from Samsung Venture Investment Corporation will be used in our operations across different cities, markets, categories, and for developing online products like magic store.” He also added, “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.”
Magicpin has also announced that it will charge zero commission on sales of retailers that will onboard its ‘magic store’ platform. Retailers can register themselves on the magic store and get their products delivered to consumers to their doorsteps through Magicpin. The company also rewards consumers in the form of cashback or points for visiting and spending on outlets that are listed on its platform. Thus, the company provides a market place for the retailers to sale their products at zero commission, as well as profit for consumers to pay less for their orders.

Read EquityPandit’s Nifty Outlook for the Week