Samsung pumps in Rs 52 cr into Magicpin

E-commerce start-up Magicpin on Wednesday said it has raised an investment of Rs 52 crore from Samsung Venture Investment Corporation, which will be mainly used for business expansion and development of new products.

The Gurgaon-based company also announced to charge “zero commission” on sales of retailers that will onboard its ‘magicstore’ platform.

“The investment from Samsung Venture Investment Corporation will be used in our operations across cities, markets, categories, and for developing online products like magicstore,” Magicpin CEO and co-founder Anshoo Sharma said in a statement.

The company rewards consumers in the form of cashbacks or points for visiting and spending on outlets that are listed on its platform or some of the branded outlets.