Samast Technologies Pvt. Ltd, which operates hyperlocal discovery startup Magicpin, has raised fresh funding from a clutch of investors led by Lightspeed Venture Partners.
According to the regulatory filings, the company has raised Rs 29.27 crore ($3.88 million at current exchange rate) via the issue of 665 Series C1 fully and compulsorily convertible preference shares.
Firms and funds that have taken part in this exercise include Lightspeed through two investment vehicles, The Bunting Family Private Fund, Moonstone Investments Ltd, WaterBridge Ventures and Srivatsan Rajan, chairman of consulting firm Bain & Co in his personal capacity.
Lightspeed has picked up 526 Series C1 shares for a cumulative Rs 23.15 crore. Meanwhile, The Bunting Family Private Fund has picked up 44 shares for Rs 1.93 crore, while Moonstone has acquired 65 shares for Rs 2.86 crore. WaterBridge Ventures has subscribed to 28 shares for Rs 1.23 crore, while Rajan has bought two CCPS units for Rs 8.80 lakh.
VCCircle estimates suggest that the company now has a post-money valuation of around Rs 1,107 crore (around $147.13 million at current rates). This is significantly higher than the Rs 563 crore ($78 million) valuation it commanded in a fundraising round in November 2018.
Lightspeed US had led a $20 million (around Rs 142 crore) funding exercise in that round, with participation from Lightspeed India and WaterBridge.
Samast Technologies Pvt. Ltd, which operates hyperlocal discovery startup Magicpin, has raised fresh funding from a clutch of investors led by Lightspeed Venture Partners.
According to the regulatory filings, the company has raised Rs 29.27 crore ($3.88 million at current exchange rate) via the issue of 665 Series C1 fully and compulsorily convertible preference shares.
Firms and funds that have taken part in this exercise include Lightspeed through two investment vehicles, The Bunting Family Private Fund, Moonstone Investments Ltd, WaterBridge Ventures and Srivatsan Rajan, chairman of consulting firm Bain & Co.
Lightspeed has picked up 526 Series C1 shares for a cumulative Rs 23.15 crore. Meanwhile, The Bunting Family Private Fund has picked up 44 shares for Rs 1.93 crore, while Moonstone has acquired 65 shares for Rs 2.86 crore. WaterBridge Ventures has subscribed to 28 shares for Rs 1.23 crore, while Rajan has bought two CCPS units for Rs 8.80 lakh.
VCCircle estimates suggest that the company now has a post-money valuation of around Rs 1,107 crore ($147.13 million at current exchange rate). This is significantly higher than the Rs 563 crore ($78 million) valuation it commanded in a fundraising round in November 2018.
Lightspeed US had led a $20 million (around Rs 142 crore) funding exercise in that round, with participation from Lightspeed India and WaterBridge.
Following this issue, Lightspeed will cumulatively hold around 42.27% in Gurugram-based Magicpin, up from 41.32%. The Bunting Family, meanwhile, will hold 6.78%, while Moonstone has increased its stake to 5.21% from 5.09%. WaterBridge will see its holding rise to 1.58%, while Rajan will hold 0.15% of the company.
VCCircle has reached out to Magicpin on the details of this investment and will update this report as and when we hear from the company.
Magicpin was set up in 2015 by Anshoo Sharma, a former Lightspeed venture partner, and ex-Nexus Venture Partners vice-president Brij Bhushan.
According to information with VCCEdge, the data research arm of Mosaic Digital, this will mark the fourth time that Lightspeed has committed funding to Magicpin.
According to its website, Magicpin says it allows businesses to drive discovery for themselves through its platform. Consumers who use its platforms to access products and experiences can be rewarded through its Magicpin Points programme.
In May 2017, Magicpin raised $7 million (around Rs 45 crore then) in a Series B round of funding from Lightspeed India, WaterBridge and others.
The latest development was first reported by Entrackr.
Lightspeed
Lightspeed has been investing in India since 2006 but it was not until 2015 that it launched its first India-dedicated fund of $135 million.
Last year, it added another $175 million with its second India-focused investment vehicle. Typically an early-stage investor, Lightspeed continues to make late-stage investments from its global fund.
Some of its portfolio companies in India include logistics-technology firm Freight Tiger, OkCredit, OYO and Yellow Messenger.
Also Read: