Zomato announced three significant strategic investments on Wednesday. Deepinder Goyal’s company will invest around $175 million in Magicpin, Curefit, and Shiprocket.
Magicpin is an offline discovery and reward network and, has received $60 million in its Series D round, with Zomato investing $50 million for a 16 percent stake. Existing investors, including Lightspeed Venture Partners, also participated in the round. Magicpin’s valuation has now increased to a little over $312 million worth of this round. It’s worth noting that Magicpin has previously added Zomato co-founder and CEO Goyal to its board of directors.
Magicpin, which drives revenue for small merchants to popular companies by launching promotions on its platform, boasts 6 million monthly transactions and 170K paying merchants spanning big brands and local businesses in 50 cities.
Aside from Magicpin, Zomato has announced its investment in logistics aggregator Shiprocket as well as Tata Digital-controlled Curefit. According to the Gurugram-based company, it would invest $100 million in Curefit, which includes a $50 million cash investment as well as the value of the Fitso business. With these investments, Zomato appears to be following in the footsteps of its early funders and current stakeholder, InfoEdge (Naukri), which has been an active investor in a variety of startups, including Policybazaar, which just completed its own IPO.
