Magicpin, India’s largest hyperlocal startup, has reported outstanding revenue growth for the fiscal year 2024. The company’s revenue tripled to Rs 870 crore, a massive jump from Rs 297 crore in FY 2023. This remarkable performance highlights Magicpin’s strong expansion and improved operational efficiency.
Alongside its revenue surge, the company also reduced its losses significantly. The adjusted EBITDA margin improved from -39.2% in FY23 to -9.8% in FY24, showing Magicpin’s focus on sustainable scaling and cost efficiency. Without ESOP expenses, the company’s adjusted EBITDA loss decreased from Rs 117 crore to Rs 86 crore, indicating a substantial improvement in financial health.
Magicpin: Revenue Growth in India
Magicpin has continued its strong growth in the food delivery sector, emerging as India’s third-largest food delivery platform. The company processed around 1.5 lakh daily food and logistics orders, strengthening its presence in major cities like Delhi and Bengaluru.
A key factor behind this success is Magicpin’s integration with the ONDC food network, where it remains the largest seller app for food delivery. By expanding its partnerships with well-known brands like Rebel Foods (Faasos, Oven Story, Behrouz Biryani), McDonald’s, Burger King, Wow Momo, Pizza Hut, Barbeque Nation, and Barista, the platform continues to attract more users and boost order volumes.
Launch of AI-Powered Logistics Platform
To improve delivery efficiency, Magicpin launched MagicFleet, an AI-powered SaaS platform designed for logistics management. Within the first four months, MagicFleet onboarded over 40,000 delivery riders and now manages nearly 300,000 orders per month. The company aims to scale this network to 100,000 riders and 1 million monthly deliveries in the next three months.
In addition to logistics expansion, Magicpin introduced MagicNOW, a new feature that focuses on fast delivery services. Within just 30 days of launch, MagicNOW successfully completed 200,000 orders, proving the growing demand for quicker and more efficient deliveries.
Commitment to Sustainable Growth
Commenting on the company’s financial performance, Chunky Shah, CFO of Magicpin, stated that FY 2024 has been a transformative year. Magicpin has not only strengthened its hyperlocal business but also positioned itself among the top food delivery platforms in India.
Shah emphasized the company’s commitment to scaling responsibly, noting a 30% reduction in operational costs. By leveraging AI and automation, Magicpin has improved cost efficiency while maintaining strong revenue growth. The company is now profitable at the unit level and expects to break even at EBITDA within six months.
Expanding Market Share
Magicpin has achieved significant market growth in major Indian cities, securing more than 10% market share in places like Delhi and Bengaluru. The platform’s strategy of offering branded SKUs for food delivery at highly competitive prices (starting at Rs 9, Rs 19, and Rs 29) has made it a popular choice, particularly among India’s youth demographic.
By enabling offline retailers to connect with customers through a digital platform, Magicpin has created a dynamic local marketplace, ensuring better visibility and revenue for merchants. This SKU-first approach has helped the company gain a competitive edge in the hyperlocal commerce industry.
Future Plans to Profitability
With strong financials, a growing user base, and increasing operational efficiency, Magicpin is on track to become a fully profitable business. The company plans to continue expanding its food delivery network, enhancing AI-driven logistics, and driving more hyperlocal business partnerships.
As India’s hyperlocal and food delivery sectors continue to grow, Magicpin’s focus on cost optimization, rapid expansion, and innovation will help it maintain its leadership position.
