🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Magicpin adds 6,000 stores in FY25, drives $120 Mn fashion sales

EntrackrEntrackr · 3m ago
Magicpin adds 6,000 stores in FY25, drives $120 Mn fashion sales
Medial

Magicpin, a platform focused on offline retail, has added 6,000 new fashion stores from over 100 brands in the last fiscal year (FY25). This takes its total to 16,000 stores and over 250 brands in the fashion category. In the same period, the platform helped generate Rs 1,000 crore ($120 million) worth of business for these fashion brands. Some of the major brands onboarded in the last two years include Puma, Van Heusen, Shoppers Stop, Levi’s, and Bata. "We are excited to witness the robust growth of our fashion business, which has been a core focus area for us. Adding 6000 fashion stores across 100 brands taking it to 16,000 fashion stores and 250+ brands live on the platform highlights the immense value magicpin creates for offline retailers and brands,” said Naman Mawandia, CXO - Enterprise Brands at magicpin. Magicpin operates in 20 cities and uses real-time data to offer targeted promotions. It works on a pay-per-conversion model, helping brands increase sales through local campaigns. The company launched a new deal section called ‘magic9’ on its homepage. It offers product-level promotions on fast-moving items with low prices to make buying quick and easy. Magicpin also claims to have doubled its fashion catalogue to 10 million SKUs and plans to grow further in 2025. The company said it aims to partner with more fashion stores as demand for both Indian and international brands increases. The firm currently offers rewards and discounts across more than 275,000 stores, covering food, fashion, and other categories.

8

Related News

Snitch raises $40 Mn in Series B round; to enter quick commerce

EntrackrEntrackr · 1m ago
Snitch raises $40 Mn in Series B round; to enter quick commerce
Medial

Snippets Snitch raises $40 Mn in Series B round; to enter quick commerce D2C menswear brand Snitch has raised up to $40 million in its Series B funding round led by 360 ONE Asset. Existing investors IvyCap Ventures and SWC Global participated, along with the Ravi Modi Family Office and other angel investors. Entrackr had exclusively reported the development last week. This is the second major funding round for the Bengaluru-based fashion brand, following its $13 million Series A raised in December 2023. The proceeds will be used to expand Snitch’s offline retail footprint from 55 to over 100 stores by the end of 2025, enter quick commerce, and test international markets. The company also plans to expand into new apparel and lifestyle categories. Founded in 2020 by Siddharth Dungarwal, Snitch offers trendy and affordable apparel through its own website, mobile application, and an expanding network of offline retail stores. “With 120% YoY growth, 55+ stores with strong unit economics, and strong loyal customer base, we’re stepping into a bigger league, building a world-class brand with India at its heart and agility at its core. As we gear up for global expansion and soon enter the public markets, this marks a bold step towards creating one of India’s most iconic fashion stories,” said Dungarwal. Snitch featured during the second season of Shark Tank India and raised Rs 1.5 crore against 1.5% equity from Anupam Mittal, Aman Gupta, Namita Thapar, Vineeta Singh, Peyush Bansal, and Amit Jain at Rs 100 crore valuation. The firm is targeting scale across India and international markets and is preparing for a public listing. For the fiscal year ending March 2024, Snitch reported a 100% year-on-year increase in its revenue to Rs 241 crore with Rs 4.39 crore profits. The company has yet to release its annual results for FY25.

Magicpin becomes largest food delivery seller app on ONDC

EntrackrEntrackr · 9m ago
Magicpin becomes largest food delivery seller app on ONDC
Medial

Magicpin on Tuesday said that it has emerged as the largest food delivery seller on the Open Network for Digital Commerce (ONDC), processing nearly 150,000 daily food and logistics orders. Since joining ONDC in March 2023, Magicpin claims to have expanded its restaurant partnerships from 22,000 to 70,000 by September 2024. Within just four weeks of its ONDC launch, Magicpin scaled from 100 to 10,000 orders in May 2023, reaching 150,000 orders this year. The platform’s growth is driven by its SaaS offering, which powers the front-end of other buyer apps, and its hyperlocal delivery service, Velocity, launched earlier this year. Magicpin’s Delivery as a Service (DaaS) is now used by brands like KFC, Burger King, and IGP gifting. Recently, Magicpin announced an investment of Rs 100 crore to onboard 1 lakh new restaurants and cloud kitchens onto ONDC. This investment also funds onboarding incentives, such as zero commission, no onboarding fees, discounts, and free delivery for customers of newly partnered restaurants. Magicpin is also a local savings platform, serving over 10 million users who earn rewards on annual spending exceeding $3 billion across 275,000 retailers and over 3,000 brands in categories such as fashion, food, electronics, grocery, and more.

Download the medial app to read full posts, comements and news.