One of the co-founders of Zomato-backed retail startup Magicpin, Brij Bhushan, is leaving the company to 'pause to recharge'. This comes at a time when the company has hit a bright spot as an Open Network for Digital Commerce (ONDC) player.
"COVID-19 nearly wiped us out, but we fought back, creating a home delivery system from nothing to support local retailers when they needed us most. This initiative, now powering ONDC, wasn't just about survival; it was our commitment to the community, our most fulfilling achievement," Bhushan said in a LinkedIn post on April 2.
"Our amazing team's resilience saw us not just recover but soar to 3 times our size in the last 2 years, now at 4x our pre-COVID revenue. That's something I'm really proud of," he added.
ALSO READ: Zomato-backed Magicpin, Domino's amp up food delivery discounts on ONDC
An IIM Bangalore graduate, Bhushan has previously worked as an investor in Nexus Venture Partners and also as a strategy consultant in Bain.
From the time the company was founded in 2015, Magicpin’s main business has been to act somewhat like an online classifieds portal for hyperlocal deals across retail, food and entertainment categories. For example, a user can search for white linen shirts on the platform and he could be shown five stores in his vicinity selling such shirts. The company offers the user a discount if he goes to the store, buys the shirt and pays for it via the Magicpin app. Meanwhile, the store is also charged a commission by Magicpin for enabling the sale.
"Anshoo Sharma, we've been through so much together - the highs and the lows that are part of every relationship. We've had our backs against the wall more times than I can count, but we always pushed through. This journey, filled with shared battles and triumphs, wouldn't have been the same without you," Bhushan wrote in his LinkedIn post.
Sharma is the other co-founder and CEO of Magicpin.
According to data published by financial news platform Entrackr, Magicpin’s revenue from operations grew 59.6 percent to Rs 233 crore in FY22. The company’s losses deepened 3.3X to Rs 145 crore during FY22 against Rs 43.7 crore in FY21. The company's FY23 financials are not available yet.
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