Magicpin's Revenue Triples to Rs 870 Cr in FY24, Becomes India’s 3rd Largest Food Delivery App
Magicpin reports a threefold revenue jump to Rs 870 crore in FY24, emerging as India’s 3rd largest food delivery app. The company continues its dominance on ONDC while expanding its quick commerce and logistics operations.
Hyperlocal e-commerce platform Magicpin has recorded a significant surge in revenue, tripling its earnings to Rs 870 crore in the financial year 2024 (FY24), compared to Rs 297 crore in FY23. The company has also solidified its position as India’s third-largest food delivery app and remains the largest seller app on the government-backed Open Network for Digital Commerce (ONDC).
Improved Financial Metrics & Growth in ONDC Orders
Despite its aggressive expansion, Magicpin's adjusted EBITDA margin improved significantly, narrowing to -9.8% in FY24 from -39.2% in FY23, reducing its cash burn by 30% YoY.
Magicpin has strengthened its presence on ONDC, processing 1.5 lakh food and logistics orders daily through the network. It has also expanded its food delivery partnerships to include Rebel Foods (Faasos, Oven Story, Behrouz Biryani), McDonald’s, Burger King, Wow! Momo, Pizza Hut, Barbeque Nation, and Barista.
Quick Commerce & Logistics Expansion
The company recently launched MagicNOW, a 15-minute food delivery service, which completed 200,000 orders within its first month. Entering the quick commerce segment in December 2024, Magicpin aims to capitalize on the rising demand for instant food delivery.
Additionally, its AI-powered logistics platform, MagicFleet, currently manages 300,000 monthly orders and aims to scale its operations to one million deliveries per month within the next three months. MagicFleet has onboarded over 40,000 riders and plans to expand its fleet to 100,000 riders.
Expansion Beyond Food: Fashion Retail Partnerships
Beyond food delivery, Magicpin has expanded into the fashion retail sector, partnering with 500+ brands and 20,000 stores across India. Major fashion collaborations include Puma, Wildcraft, United Colors of Benetton, Levi’s, and Lifestyle.
Leadership Insights
Commenting on the company’s performance, Chunky Shah, CFO of Magicpin, said, “We are now India’s 3rd largest food delivery app and the largest seller app on ONDC for deliveries. The 30% reduction in burn demonstrates our disciplined approach and the extensive use of Gen-AI, positioning us for sustainable growth.”
On the company’s market share, he added, “We have gained market share in key cities, holding a double-digit market share (approx. 10%) in major markets like Delhi and Bengaluru in overall food delivery.”
Future Outlook
With strong financials, an expanding quick commerce segment, and a rapidly growing logistics network, Magicpin is well-positioned for sustained growth in India’s competitive food and retail landscape. As the company continues leveraging ONDC’s open network and AI-driven operations, it is set to further strengthen its market presence in the coming years.
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