Zomato-backed Magicpin sees 83% growth & succeeds in handling losses
Zomato-backed Offline discovery & rewards platform Magicpin has reported a sharp rise with more than 83% Y-o-Y growth during the financial year 2023. The company states that their step to eliminate the financial investments on advertisements spurred the startup to control the losses in the year.
According to the company’s financial statements filed, the revenue of Magicpin from diverse operations raised by 83.3 percent to 
297 crore in the financial year 2023 from 162 crore in the financial year 2022.
297 crore in the financial year 2023 from 162 crore in the financial year 2022.
A 40 percent reduction of spending in advertisements aided the Magicpin to lessen its losses by 23.5 percent to 114 crore in the financial year 2-23 from 149 crore in the financial year 2022.
114 crore in the financial year 2-23 from 149 crore in the financial year 2022.
The margins of ROCE & EBITDA stood at -48 percent & -35.3 percent correspondingly. Based on a unit level, the company expended 1.44 to earn a rupee in 2023.
1.44 to earn a rupee in 2023.
In the meantime, the firm states they have recorded astonishing growth in the fiscal year ended in 2024. Regarding this, the Head of Finance, Magicpin, Chunky Shah says, “In FY24, we have more than doubled our scale and revenue. This growth is primarily driven by better penetration in our core localities, leadership in offline retail segments of fashion & mom-&-pop QSR and higher user engagement”.
Above the last 12 months, the company privileges to have added over 150 fashion brands & 10,000 fashion stores. Also it recorded a phenomenal progress with the with the ONDC - Open Network for Digital Commerce, where it privileges to have a double the growth in the orders on food delivery & orders hiked at 50k in just one day.
