Debt financing
Hyperlocal e-commerce platform Magicpin raises Rs.15-Cr debt from Stride Ventures
Gurugram-based hyperlocal e-commerce platform Magicpin has raised INR 15 crore in debt funding from Stride Ventures.The company plans to use the new funds to expand its artificial intelligence (AI)-led offerings for small retailers and to invest in its AI-powered assistant, 'Vera AI', and other AI-specific innovations. The company has already deployed approximately USD 1 million for the development of Vera AI.
Between Aug 2015 and Nov 2021, MagicPin had attracted about USD 98 M from Lightspeed Ventures, Vy Capital, WaterBridge Ventures, Trifecta Capital, Moonstone Investments, Samsung Ventures, Zomato and others.
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