According to persons familiar with the situation, Magicpin, a hyper-local e-commerce company supported by investors like Zomato and Light Speed Ventures, plans to go public in 2025 and has started negotiating with investment banks and legal firms to select advisors for the IPO.
Customers can use Magicpin to find local offline stores in a variety of categories, including fashion, food, groceries, and gadgets, and to get deals and discounts. On the app, users may make purchases using a variety of methods and receive points for each purchase. Discounts at different platform merchants can be obtained by using these points.
Earlier this month, Magicpin stated that it will join the rapid commerce category for food delivery in cities such as Bangalore, Hyderabad, Mumbai, Chennai, Delhi-NCR, and Pune under its magicNow brand, offering fast meal delivery within a 1.5 km to 2 km radius.
“The company recently held pitches to select investment banks and legal firms for its anticipated IPO. The transaction is still in its early stages, and the company has yet to complete its terms. There are multiple VC funds, angel investors, and investors such as Zomato on the captable, thus the final deal size will be determined by how much stake these investors wish to dilute through the IPO. “These details will be finalized closer to filing the DRHP.”
Anshoo Sharma and Brij Bhushan launched the company in 2015, and they left in April 2024 to join an early stage venture capital fund.
Magicpin’s most recent fundraising occurred in 2021, when the firm raised $60 million in a Series D round headed by food delivery platform Zomato. Existing investors, including Lightspeed Venture Partners, participated in the round as well.
Emails submitted to co-founder and CEO Anshoo Sharma went unanswered until the time of publication.
According to the most recent Registrar of Companies (RoC) filings, Magicpin’s parent company, Samast Technologies, reported a combined revenue of Rs 297.24 crore in FY23, up from Rs 162.44 crore the previous year.
The company reported a loss of Rs 114.26 crore in FY23, which was lower than the loss of Rs 149.29 crore the previous year.
As of March 31, 2023, Zomato held a 16.95 percent ownership in Magicpin, according to the company’s most recent available shareholding pattern with RoC. Lightspeed Venture Partners is the company’s largest shareholder, with a 36% interest. The founders, Anshoo Sharma and Brij Bhushan, each owned 14.92 percent.