Private Equity

VC Fund Investments

Discovery and rewards platform Magicpin raises $3-M led by Ritesh Agarwal

Entrckr  

Gurugram-based offline discovery and reward platform Magicpin has raised around USD 3 million in a new tranche led by Oyo's founder Ritesh Agarwal through his personal special purpose vehicle (SPV) RA Holdings. Existing investors Lightspeed (one of the early investors in Oyo), The Bunting Family and Moonstone have also participated in the tranche. Magicpin has passed a special resolution to allot 5064 Series C4 preference shares at an issue price of INR 44,020.9 per share to raise INR 22.3 crore (USD 3 million). Lightspeed and Agarwal have invested USD 1 million each in the company while The Bunting Family and Moonstone have put in the remaining amount. This is the second infusion by the trio in the past 15 months. They invested USD 3.9 million in the startup in May 2020. Magicpin is reported to have raised the fresh capital at a post-money valuation of USD 165 million (INR 1,220-1,235 crore). The company was reportedly valued at around USD 147 million in May 2020 and at USD 100 million in November 2018.