Discovery and rewards platform MagicPin has raised about $20 million in a funding round led by Lightspeed Venture Partners US while Info Edge (India) Ltd has invested about Rs 3 crore in B2B footwear marketplace ShoeKonnect. Separately, CashRich has raised $1 million (Rs 7 crore) in angel funding from three UK-based individuals.
Lightspeed leads $20m funding in MagicPin
Samast Technologies, the owner and operator of discovery and rewards platform MagicPin, has raised about $20 million (Rs 141 crore) in a funding round led by Lightspeed Venture Partners US, The Economic Times reported.
WaterBridge Ventures also participated in the round. The funding, which closed last month, valued the three-year-old startup at an estimated $100 million. As part of the investment, Lightspeed Venture Partners US partners Jeremy Liew and Ravi Mhatre have joined MagicPin’s board.
The Gurgaon-based company raised $7 million from Lightspeed India, and WaterBridge Ventures in May last year.
Info Edge ups stake in ShoeKonnect
Info Edge (India) Ltd, the parent company of Naukri.com, has invested about Rs 3 crore in Bizcrum lnfotech Private Ltd, the owner of B2B footwear marketplace ShoeKonnect, per an announcement.
The purchase of additional shares has increased the company’s stake in ShoeKonnect to 27.27 per cent from 20 per cent earlier, the online classifieds company said in a BSE filing on Friday. Info Edge had purchased 20 per cent in the startup by infusing Rs 3 crore in April.
ShoeKonnect posted revenue of Rs 36.8 lakh for the financial year ended March 2018.
CashRich raises $1m angel round
Wealth management app CashRich, owned by Mumbai-based CR Fintech Pvt. Ltd, has raised $1 million (Rs 7 crore) in angel funding from three UK-based individuals. The names of the investors were not disclosed.
The company plans to use the capital to develop its technology platform and to automate important steps of investment management such as asset allocation, portfolio diversification, and rebalancing while personalising the experience for each user. CashRich app helps users monitor their investments and generate account statements.