Magicpin, a hyperlocal e-commerce startup, has reported a 3x revenue growth in FY24, reaching ₹870 crore from ₹297 crore in FY23. The company has also managed to reduce its cash burn by 30% and improve its EBITDA margin from -39.2% to -9.8%.
Founder’s Journey
Magicpin was founded in 2015 by Anshoo Sharma, an IIM Ahmedabad graduate. Before launching the startup, he worked at Motorola, Bain & Co., and Lightspeed India Partners Advisors. His vision was to create a discovery platform that enhances offline retail engagement.
ONDC’s Top Seller
Magicpin has emerged as the largest seller app on the Open Network for Digital Commerce (ONDC). It processes 1.5 lakh food and logistics orders daily, playing a key role in India’s digital commerce ecosystem.
Competing in Food Delivery
By December 2024, Magicpin expanded into the quick food delivery segment with its 15-minute service, MagicNOW. Within a month of launch, it completed 2 lakh orders, strengthening its position in the industry.
Partnering with Top Brands
Magicpin has collaborated with major food chains, including McDonald’s, Burger King, Faasos, Oven Story, Pizza Hut, Barbeque Nation, Barista, and Wow! Momo. This extensive network has fueled its rapid growth.
Scaling Sustainably
Magicpin’s Chief Financial Officer, Chunky Shah, highlighted the company’s disciplined approach to operations and the extensive use of AI. With a significant reduction in burn rate, the startup is well-positioned for long-term growth in India’s competitive food delivery space.
