Deepinder Goyal, the co-founder, and CEO of Zomato was appointed as an independent director to the board of Gurugram-based hyperlocal discovery platform Magicpin this Monday. Considering the breakthrough performance of Zomato’s IPO on the stock exchanges, Goyal will represent Magicpin’s existing board of directors and advisors, which includes Bejul Somaia, MD of Lightspeed Venture Partners, Vivek Gambhir, CEO of boAt Lifestyle, and Manish Kheterpal, MD of Waterbridge.
Magicpin, which was started in 2016 by Anshoo Sharma and Brij Bhushan and is funded by Lightspeed Venture Partners, claims to be India’s no. 1 savings app that links hyperlocal businesses and brands with its users. Since its formation, the startup has had over 1.5 lakh vendors and handling 50 lakh customers in 50 locations across India. The Gurgaon-based startup has also introduced the OrderHere framework, which allows local merchants to set up an online store to fulfill customers’ demands within minutes.
Shadowfax, Dunzo, Roadshare, and Rapido provide distribution and payment solutions for the company. Magicpin estimates that its existing partners generate $1 billion in annual revenues. Pantaloons, Lifestyle, Westside, Taco Bell, Amazon, Samsung, KFC, CCD, and others are among its business partners. Magicpin has secured about $41.9 million in funding as of now from notable investors which includes Google Launchpad Accelerator, Samsung Venture Investments, among others.
This Gurugram-based hyperlocal discovery platform is directly competing with Just Dial, in which Reliance Retail acquires a controlling stake for $469 million earlier this week. Just Dial offers approximately 30.4 million listings and serves 129.1 million quarterly active users (as of March 31, 2021).
Deepinder Goyal remarked of his decision to join the board, “I am delighted to join the Magicpin board. They are a high-quality team and I am excited about how they are being a driver of growth for local merchants across categories. I am looking forward to contributing to the company’s success.”
While on the other hand Anshoo Sharma, co-founder, and CEO of Magicpin, stated, “We are excited about Deepinder joining our board. He brings a wealth of experience from scaling up Zomato into the tech giant it is today. We are looking forward to his guidance and mentorship as we step into our next phase of growth.”
Just for reference, Zomato’s IPO was oversubscribed 38.96 times on its final bidding day as the food tech startup aimed to raise Rs. 9,375 crores via public offering last week. As per National Stock Exchange (NSE) figures, its IPO attracted 2,751.27 Cr bids for a total issue size of 71.92 Cr equity shares.