India, 21 March 2018 | Trifecta Capital today announced that it has provided Rs. 6.5 crores of venture debt to Samast Technologies Pvt. Ltd. which owns and operates magicpin, India’s largest and fastest growing platform for driving discovery and commerce for offline retail. The funds will be used to invest in growth for the Company.
“magicpin combines local discovery, gamification, geo-tagging and Augmented Reality to create a social platform that drives passionate participation from customers aged 16-32. We have grown 6x in the last 12 months to reach 70 crores of monthly sales for retailers and brands like McDonald’s, Beer Café, Decathlon, PepsiCo, ITC, Emami, Pernod Ricard, Bira, Hard Rock Café, and thousands of local merchants. Our investments in better technology and newer features let us improve the value we offer to both customers and merchants, and Trifecta helped us structure and finance these investments with the appropriate amount of debt”, said Anshoo Sharma, CEO & Co-founder of Samast Technologies Pvt. Ltd.
“The offline commerce market is an order of magnitude bigger than online commerce, and discovery of new and engaging local experiences remains a white space. magicpin has created an experience that combines the best of Instagram and Foursquare while simultaneously driving significant business for local merchants. We are excited to help them on their journey to connect millennials with the best local providers.”, said Rahul Khanna, Co-Founder of Trifecta Capital.
“magicpin has done a fantastic job in attracting and retaining transacting users. We have seen a viral pick up in the way that they have scaled their business, and are very optimistic about their prospects. Some of their features like AR makes the whole experience of getting a reward as fun as playing Pokemon Go. Using debt to further build on their technology offering is the smart decision, and we are looking forward to this partnership.”, said Nilesh Kothari, Co-Founder of Trifecta Capital.
About Samast Technologies Pvt. Ltd.
Samast Technologies Pvt. Ltd. owns and operates discovery platform magicpin. It is a social platform that connects people and helps them discover shops, restaurants and other services around them. The application offers features where users can take pictures and selfies to avail of offers and discounts at neighbourhood stores. It also offers rewards to enable commerce through redemptions, and has integrated Augmented Reality to gamify the process of deal discovery. The company was founded in 2015 and is based in Gurgaon, Haryana with additional offices in Bangalore and Pune. For more information, please visit www.magicpin.in.
About Trifecta Capital
Trifecta Capital provides venture debt to new age businesses across different stages of their development. Trifecta Venture Debt Fund – I is the country’s first and largest Fund of its kind with a corpus of Rs. 500 crores. Nearly 85% of the Fund’s capital commitments are from large institutions – Banks, Endowments, Insurance Companies, DFIs and Family Offices. As of Feb 2018, the Fund has completed 2.5 years of investing and deployed approximately Rs 350 crores in 26 companies including PaperBoat, Rivigo, Big Basket, Urban Ladder, UrbanClap, Box8, Livspace, Cure.Fit and IdeaForge.
Trifecta Capital works closely with companies to create customised debt financing solutions to cater to various use cases including working capital financing, capex funding, acquisition financing and special situations. Trifecta Capital also leverages its’ investor network to create meaningful collaboration opportunities for its portfolio companies. For more information, please visit www.trifectacapital.in