Zomato has acquired 16.1% shareholding in Samast Technologies Private Limited (Magicpin) in the Company’s Series D funding round.
The total value of the funding round is approximately US$ 60 million (₹446 Crores) with Zomato investing approximately US$ 50 million (₹372 Crores)
Saraf and Partners advised Zomato and the team included Vaibhav Kakkar and Snigdhaneel Satpathy (Partners). The transaction was supported by Debarpan Ghosh (Senior Associate) and Mincy Mathew and Paayas Pandit (Associates).
JoyceLaw acted for Magicpin and the team was led by Partner Deepak Joyce.
Induslaw represented Lightspeed, an existing investor of Magicpin and the team was led by Partner Manish Gupta.
Magicpin is India’s largest platform for discovery and savings in the hyperlocal commerce space – which works to drive omnichannel growth for local retail.
The investment would diversify the holdings of Zomato Limited while helping Magicpin to grow its business, extend its presence in existing markets, launch new markets, and expand across categories.
Recently, Zomato has also invested $75 million in Bigfoot Retail Solutions Private Limited (Shiprocket).
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