Samsung pumps in Rs 52 crore into E-commerce start-up Magicpin

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

Published: 16th July 2020 10:50 AM  |   Last Updated: 16th July 2020 10:50 AM   |  A+A-


Samsung (Photo | Reuters)


NEW DELHI: 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.

It has additionally started a magicstore where retailers can register themselves and get their products delivered to consumers to their doorsteps through Magicpin.

"Consumers want to order from the safety of their homes and magicpin is making its technology available at zero commission to enable retailers to serve their customers," Sharma said.


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp