Magicpin makes leadership hires, guns for expansion

The Zomato-backed rewards platform for offline businesses is expanding to new verticals, clocking in a third of its revenues from hyperlocal delivery of products.

Magicpin makes leadership hires, guns for expansion

Monday September 26, 2022,

2 min Read

Discovery and savings platform for local businesses, Magicpin, has announced multiple appointments as part of its leadership team. The Zomato-backed company which raised $60 million from the food tech major in November, 2021, has made the appointments across product, marketing, technology and operations verticals as it expands its platform to showcase catalogues of partner businesses and facilitate home delivery of products. 

Magicpin announced the appointment of Kunal Gupta, previously Director of Engineering at Domino Data Lab to the post of Vice President of Technology. The company has also appointed former Chief Business Officer (CBO) of Oye Rickshaw, Vishnu Vardhan Bommareddy, to the post of Senior Vice President of Business and Co-founder of Credence Diagnostics, Chunky Shah, to the role of Vice President of Head of Corporate Development and Finance. Former Product Manager at Revolut, Luv Saxena, will be joining Magicpin as Assistant Vice President of Product. 

“As we scale up the opportunities are expanding and we will be bringing in more leaders as we become a larger organisation,” Anshoo Sharma, CEO and Co-founder of Magicpin told YourStory

The Magicpin app gives users offers and discounts across categories such as food including dine-out, fixed service, bars, bakeries, as well as fashion, beauty and lifestyle products. Recently, it also added pharmacies and beauty salons as part of its categories. 

“Another category we are looking at are entertainment destinations, including theme parks and other places to go. The goal is, every time you want to step out, Magicpin will tell you where to go,” added Anshoo. 

Since Covid, the app also started offering home delivery from its partner business for users and currently sees a third of its revenue coming from its hyper local delivery services. Rest of the revenue comes from standardised take rate and advertisements from its partner businesses.

The company currently has 650 employees and likely to add more in the coming months, said Anshoo Sharma without commenting on specific numbers. 

Founded in 2015 by Anshoo Sharma and Brij Bhushan, Magicpin claims to have 6.5 million active users and 9 lakh merchant partners on its platform across 50-plus cities. The app has raised over $100 million since inception and is backed by the likes of Lightspeed Ventures, RA Holdings and others. 

Edited by Akanksha Sarma