India Dealbook: Lightspeed leads $20m round for MagicPin; ShoeKonnect, CashRich raise funds

Photo: Reuters

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.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.