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Hyperlocal super-app magicpin partners with NCCF to sell tomatoes at Rs 70/Kg; delivered 1,000 orders within two days
IndianStartupNews
·
2y ago
Medial
Hyperlocal super-app magicpin has partnered with the National Cooperative Consumers Federation of India (NCCF) and has started selling tomatoes at Rs 70 per kg through select online platforms registered on ONDC.
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Magicpin partners with NCCF, ONDC as it aims to sell groceries at low price in Delhi-NCR
IndianStartupNews
·
1y ago
Medial
Hyperlocal e-commerce startup Magicpin has partnered with National Cooperative Consumers Federation of India (NCCF) and Open Network for Digital Commerce (ONDC) to provide groceries, including essential items, at reduced prices in Delhi-NCR. The partnership aims to make essential commodities easily accessible to the community, with Magicpin selling Chana Dal at Rs 120 per kg and onions at Rs 50 per 2 kg in over 100 pin codes areas initially. Magicpin plans to expand this service to more than 10 cities in the future. The company will manage various aspects like catalog setup, pricing, and coordination with logistics for order dispatch and delivery.
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Magicpin food delivery order doubles to 10 lakh on ONDC during World Cup
Economic Times
·
1y ago
Medial
Food delivery orders on hyperlocal startup magicpin doubled to 10 lakh during the cricket World Cup matches on the government-backed Open Network for Digital Commerce (ONDC) network. Magicpin delivered 35,000 food orders during the India versus Pakistan match and peaked at 50,000 orders on a single day during the India versus Australia match. The company had offered discounts worth Rs 50-100 crore to cricket fans on food delivery and other categories during the World Cup. Magicpin's food delivery business is witnessing 2 times growth month-on-month.
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Magicpin Ventures Into Logistics Aggregation Space, Eyes 1 Lakh Daily Orders
Inc42
·
1y ago
Medial
Hyperlocal delivery startup Magicpin has ventured into the logistics aggregation sector with its new platform, Velocity. Designed to address challenges posed by the fragmented nature of the logistics market, Velocity offers aggregation services for third-party logistics providers including Shadowfax, Dunzo, and Ola. With a current average of 5,000 orders per day, Magicpin plans to scale this up to over 100,000 daily orders. Velocity provides hyperlocal deliveries, live workforce tracking, real-time order updates, and customer feedback mechanisms. The platform is available for integration by businesses of all sizes.
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Magicpin plans to deliver 100,000 orders daily
Economic Times
·
1y ago
Medial
Offline fashion discovery and savings platform Magicpin aims to ramp up its daily delivery capacity to 100,000 orders with its new tech solution called Velocity. By partnering with various third-party logistics (3PL) providers like Shadowfax, Dunzo, and Ola, Magicpin is able to consolidate all 3PL services under one platform. Velocity offers features such as on-time performance, hyperlocal deliveries within 30 minutes, real-time order tracking, and customer feedback tools. Currently serving over 20 merchants, including popular brands like KFC and Burger King, Magicpin is delivering around 5,000 orders per day.
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Magicpin becomes largest food delivery seller app on ONDC
Entrackr
·
10m ago
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.
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Magicpin slashes platform fee to Rs 5 per delivery
Economic Times
·
9m ago
Medial
Magicpin, a hyperlocal ecommerce app, has reduced its platform charges for deliveries to Rs 5 per delivery, which is half the fee set by its competitors. This move comes shortly after Zomato and Swiggy increased their platform fees for deliveries by a significant margin. Magicpin's founder and CEO, Anshoo Sharma, announced the reduction on social media, stating that it would be applicable for the rest of the year and that there would be no fee hike on food delivery in 2024. This decision has resulted in a significant increase in orders for Magicpin during the festive season.
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BigBasket speeds up as quick commerce drives 30% of orders
The Arc Web
·
1y ago
Medial
India's leading online grocer, BigBasket, has seen quick commerce contribute to at least 30% of its demand. To meet the growing demand for swift deliveries, the company has reduced the dispatch time for its primary service, BB Super Saver, from next day to just two hours. BB Super Saver fulfills 70% of all orders, offering a wider selection and competitive prices compared to its 10-minute delivery arm, BB Now. BigBasket has adjusted its supply chain and opened smaller warehouses to cater to the rapid grocery trend.
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Bigbasket eyes quick commerce for electronics with Croma tie-up
Livemint
·
1y ago
Medial
Bigbasket, a Tata-backed company, is in talks with sister company Croma to sell electronics and appliances through its quick commerce vertical. The aim is to offer customers fast delivery of various products, such as getting a washing machine delivered in 15 minutes. Bigbasket's quick-commerce arm, BB Now, leverages existing infrastructure to ensure orders are delivered in under 30 minutes. The quick-commerce sector in India has seen significant churn, but Bigbasket aims to achieve profitability by focusing on revenue per dark store and average order value.
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Now, Zomato Launches Order Scheduling Feature
Inc42
·
11m ago
Medial
Zomato has launched a new feature that allows users to schedule their food orders up to 2 days in advance, provided the order value is above INR 1,000. This feature is initially available in select cities including Delhi NCR, Bengaluru, and Mumbai, among others, and will be expanded to cover all orders in the future. This move by Zomato follows the recent closure of their intercity delivery service, Legends.
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Magicpin triples revenue to Rs 870 Cr in FY24, cuts losses
Entrackr
·
5m ago
Medial
Magicpin triples revenue to Rs 870 Cr in FY24, cuts losses Hyperlocal retail platform Magicpin demonstrated notable financial results, scaling nearly three-fold during the last fiscal year, which ended in March 2024. Moreover, the Gurugram-based firm managed to control its losses by 25% in the same period. Magicpin’s revenue from operations surged 2.92X year-on-year to Rs 870 crore in FY24 from Rs 297 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Magicpin, a hyperlocal retail platform, has partnered with over 500 brands and 20,000 fashion stores across India. The sale of vouchers contributed 92% of its total operating revenue, making it the primary revenue source for the Lightspeed-backed firm. Additional revenue came from commissions and ONDC subsidies. The company earned an additional Rs 9.6 crore from interest on deposits and investment gains, bringing its total income to Rs 880 crore in the last fiscal year from Rs 315 crore in FY23. Magicpin has launched MagicFleet, an AI-powered SaaS platform that onboarded over 40,000 riders in its first four months and now processes more than 3,00,000 orders per month. The company plans to expand this to 1,00,000 riders and 1 million deliveries. It introduced magicNow, a feature designed to meet the increasing demand for fast deliveries. For the reward platform firm, the procurement of vouchers was the largest cost center, forming 80.7% of the overall expenditure. To the tune of scale, this cost grew 3X to Rs 776 crore in FY24 from Rs 253 crore in FY23. The firm managed to keep its employee benefits flat and its advertising cost was reduced by 15% in the previous fiscal. Its delivery charges, technology, server, payment gateway, legal, and other overheads pushed the total expenditure to Rs 961 crore in FY24. The three-fold surge in scale coupled with controlled expenditure helped Magicpin to reduce its losses by 25% to Rs 78 crore in FY24. Its ROCE and EBITDA margins stood at -49.7% and -8.67%, respectively. Magicpin’s cost efficiency improved, with Rs 1.10 spent to earn a rupee in FY24. At the end of the last fiscal year, its total current assets stood at 196 crore with the cash and bank balance of Rs 50 crore. We excluded ESOP costs from the loss calculation as they are non-cash expenses. Magicpin reported that FY 2024 was a transformative year, establishing itself as India’s largest hyperlocal startup, the third-largest food delivery app, and the largest seller app on ONDC for delivery, according to CFO Chunky Shah. Magicpin has grown without raising external funds in the past two fiscal years. In November 2021, it secured $60 million in a Series D round, with Zomato investing $50 million for a 16% stake. According to TheKredible, Lightspeed is the largest stakeholder, holding a 34% stake in the firm. Launched well after the first startup rush into ecomm but early enough to avoid some of the worst excesses, Magicpin has done well to outlast many of its peers since it started in 2015. Leaving it well placed to take advantage in a market that has evolved considerably, and no longer demands the kind of burn rates we saw till about 2020. As a leader in the ONDC space, Magicpin has gained a strategic advantage and appears well-positioned to leverage new opportunities. The company, often seen as a quiet performer, may still have more surprises in store.
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