Magicpin Launches Over 1,000 Brands in a Year: Rediff Moneynews

New Delhi, July 12 (PTI) Hyperlocal e-commerce firm Magicpin has acquired over 1,000 consumer brands across multiple cities and internationally during the year, reporting an increase in acquisitions compared to the previous year, the company said on Friday.

While it took magicpin four years to acquire around 2,000 brands, it has added over 1,000 in the past year.

“The last 12 months have been phenomenal for us… we’ve seen 100 percent growth across brands and merchants, with over 1,000 new brands and over 75,000 local merchants joining our platform,” magicpin CEO and co-founder Anshoo Sharma said in a statement.

In the 12 months to June 2024, the company added new brands in the fashion, fast food retail and fine dining categories.

The new brands included in the magicpin program include Burger King, Domino’s, TacoBell, McDonald’s, Faasos, Subway, Behrouz Biryani, Meghna Biryani, Truffles, Chaayos, US Polo Assn, Louis Philippe, Puma, Levi’s, Van Heusen, Lee Cooper etc.

Lightspeed Venture Capital-backed magicpin is the largest seller on ONDC’s government-backed e-commerce platform, accounting for more than 50% of total monthly orders.

The company said it saw a 37 per cent increase in the number of local sellers over the past year, to over 2.75 lakh from about 2 lakh a year earlier.

According to the statement, “80 percent of these merchants started transacting within the first month of implementation and saw significant growth in the same month, with 95 percent of them signing up in less than a minute.