IIM Alumni-Founded Startup magicpin Triples Revenue To Rs 870 Cr in FY24, Becomes India's 3rd Largest Food Delivery App

Magicpin, a hyperlocal e-commerce startup, has claimed that it has become the third largest food application in the country.

According to Business Standard, the startup has reported a 3x increase in its revenue for the financial year 2024 (FY24).

Through the ONDC network, Magicpin fulfilled 1.5 lakh food and logistics orders daily.

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THE FOUNDER STORY

Magicpin was founded by Anshoo Sharma in 2015. 

In 2004, he completed his MBA from IIM Ahmedabad and entered the field of engineering and consultancy. 

After working with companies like Motorola and Bain & Co., he became a venture partner at Lightspeed India Partners Advisors.

In 2015, he co-founded Magicpin as a discovery platform for offline retail in India. 

It is a hyperlocal startup that helps brands and businesses increase their visibility and engagement. This is done by boosting their demand through a universal platform that local customers can engage with. 

On Open Network for Digital Commerce (ONDC), Magicpin is now the largest seller app.

THIRD LARGEST FOOD DELIVERY APP IN INDIA

Through the ONDC network, Magicpin fulfilled 1.5 lakh food and logistics orders daily. 

It has now partnered with major brands for its food delivery, such as Faasos, Oven Story, McDonald’s, Burger King, Pizza Hut, Barbeque Nation, Barista, and Wow! Momo.

In December 2024, it joined the race for quick food delivery. The startup's 15-minute food delivery service is called MagicNOW.

In its first month of launch, it completed 200,000 orders.

Magicpin’s chief financial officer Chunky Shah said, “We are now India’s 3rd largest food delivery app and largest seller app on ONDC for delivery. The 30 per cent reduction in burn demonstrates our disciplined approach to operations and extensive use of gen-AI and positions us well for a sustainable growth trajectory.”

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MAGICPIN TRIPLES ITS REVENUE 

According to Business Standard, the startup has reported a 3x increase in its revenue for the financial year 2024 (FY24). 

In FY24, the company reported a revenue of Rs 870 crore. This is a major increase from its revenue figure of Rs 297 crore in the previous financial year. 

Magicpin’s EBITDA margin narrowed to -9.8 percent in FY24. This is against -39.2 percent in FY23.

The startup also witnessed a 30 percent year-on-year decrease in its cash burn.

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