Mumbai-based Startup MagTapp Technologies Raises Rs 1 Cr In Bridge Round
MagTapp Technologies, a Mumbai-based startup offering a web browser with an inbuilt visual dictionary & document reader, has raised Rs 1 crore in funding in a bridge round from its existing angel investors and others.
As per the startup, the freshly raised funds will be used to further advance the development of its AI-based AdTech system.
MagTapp Technologies | Web browser With an Inbuilt Visual Dictionary & Document Reader
Founded by three friends from Bihar—Satyapal Chandra, Rohan Singh, and Abhishek Singh in 2019, MagTapp Technologies specializes in an image browser and document-reading application available in 41 languages.
The startup helps users read content with the help of Visual Meanings. Users can just tap on words which is difficult to understand, and a visual meaning of that word will appear in just a second, preventing the need to consult dictionaries or online searches on platforms like Google.
“This infusion of capital stands poised to further cement MagTapp’s position to integrate its visual meaning API with its indigenous Ad network with many publishers in different languages to increase their monetization aspects,” the company’s official statement read.
MagTapp claims to have integrated a visual dictionary with a web browser & document reader to facilitate a smooth & distraction-free reading experience. It assists users in understanding content by providing them with visual cues.
MagTapp Technologies has recently formed partnerships with media outlets, including the NewsX group, encompassing publications like Sunday Guardian and The Daily Guardian. As of now, the application has a user base spread across 95 countries.
MagTapp has cumulatively secured Rs 11 crore in funding to date. The new-age web browser is currently in the process of raising Series A funding, with Lakhani Financial Services acting as its advisory for this endeavor.
This month, several startups across categories have raised funds, showing ease in funding issues. Last week, Weekday, a Y-Combinator-backed startup, raised $2.2 million in a seed funding round. Also, Zepto, an online grocery delivery startup, became the first unicorn of 2023, raising $200 million (Rs 1,652 crore) as part of its Series E funding round.
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