Mobile Startup Magicpin Raises $7 Million

Magicpin just closed $7 million in Series B financing. Three investors participated in the round, among them WestBridge Ventures and Lightspeed India Partners.

Magicpin is a platform that allows users and merchants in a local area to discover, interact, and transact. For merchants, Magicpin serves as a platform for real-time promotions, loyalty programs, and content updates. For users, Magicpin is a destination to find out the buzz in their locality and discover interesting people to connect with and events and merchants to seek out.

In its announcement, the company said it plans to use the funds to venture into new tier-one and tier-two cities and further develop the technology behind the product.