Samsung Venture Investment Corporation has invested ₹52 crore in e-commerce start-up Magicpin. The Gurgaon-based company said the funds will be used mainly for business expansion and development of new products.
“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.
Magicpin also announced that it will charge “zero commission” on sales of retailers that will onboard its ‘magicstore’ platform.
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.