Private Equity Other Private Equity/Strategic Investments
Zomato to acquire 16% stake in rewards platform MagicPin for $50-M
New Delhi-based, publicly listed food delivery services firm Zomato Ltd is to invest around USD 50 million in Gurugram-based Samast Technologies Pvt Ltd, which runs offline discovery and reward platform MagicPin, in return for a 16% stake. The deal is part of Magicpin's USD 60 million round.
MagicPin, which drives omni-channel growth for local retailers, has a network of over 170,000 paying merchants in categories including fashion, food, electronics, grocery, pharma and entertainment, across 50 cities in India.
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From the Venture Intelligence PE-VC Deal Database: Between Aug-2015 and Aug-2021, MagicPin had raised over US$ 35-M from Lightspeed Ventures, Samsung Ventures, Moonstone Investments, WaterBridge Ventures, Trifecta Capital and Others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)