magicpin clocks multifold growth in FY24 with improved profitability
magicpin, which has achieved profitability at unit level, is currently looking at EBITDA breakeven in the next six months.
Food delivery and hyperlocal ecommerce app magicpin on Tuesday said it has clocked multifold growth in revenue, along with 30% improvement in cash burn during FY24 as it targets EBITDA breakeven in next six months.
In a press note, the company said it clocked threefold increase in revenue of Rs 870 crore in FY24 as compared to Rs 297 crore in FY23.
During the same period, it posted an adjusted EBITDA margin of -9.8% in FY24 as compared -39.2% in the previous year. Without ESOP expenses, it made Rs 86 crore vs Rs 117 crore.
magicpin, which is the third largest food delivery player after Zomato and Swiggy, also saw significant growth on the ONDC network, coming out as largest seller app for food delivery on the network. It had launched its own take on 10-minute delivery with magicnow.
"We have gained market share in major cities, with double digit (more than 10% approximately) market share in key markets like Delhi or Bengaluru in terms of overall food delivery," says Chunky Shah, CFO, magicpin.
"Our SKU first approach for driving growth to offline retailers has helped take local markets alive on users' phones and derive immense value for our partner merchants, whereby we are offering branded SKUs for food delivery at prices starting Rs 9 going upto Rs 19, Rs 29. This has become a hit amongst masses, especially amongst the youth demographic of the country, who are getting value for their money on the magicpin app," added Shah.
It also introduced magicFleet—its rider fleet that onboarded more than 40,000 riders within the first four months, successfully managing 300,000 orders per month.
It currently plans to scale this to over 100,000 riders and handle 1 million deliveries per month in the next three months.
Edited by Jyoti Narayan