UditMagicPin has now crossed an annual gross merchandise value of $1 billion in India, spurred by its leading expansion into various cities and towns in the country and partnerships with some of the leading brands, Anshoo Sharma, CEO and Co-Founder of the platform, said the announcement.
“Our business touched a billion dollars of scale in October… split equally between food and beverage (F&B), fashion, grocery, electronics and beauty,” Sharma said.
The Gurgaon based company which aims to have a user base of more than 5 million is present in more than 40 cities across India which includes the top metros cities. It recently launched its operations in Jakarta, Indonesia.
“We are going to the smallest of the cities nowmand because the model is wired very tightly, we break even very quickly. It is fairly capital efficient,” Sharma said.
In Jakarta, magicpin is “close to $30 million in annual GMV run rate there, and we believe that the market will grow much faster”, said the platform’s CEO.