MagicX raises $1 mn from Kris Gopalakrishnan, Ranjan Pai and others

Company will use the funding to expand team and add more services

MagicX, a shopping app on Android, has raised $1 million from marquee investors including Kris Gopalakrishnan, co-founder and former vice-chairman and CEO, Infosys, Dr. Ranjan Pai, MD & CEO of Manipal Education and Medical Group and others.

The other investors include Ramaraj, co-founder of Sify, Hari Kumar of Lionrock, Singapore and Aarti Grover, managing director of CMS Computers Ltd.

MagicX claims that since its launch in February 2016 it has reported 100,000 downloads and claims to be number one new shopping app on Android. The funds raised will be used for team expansion, marketing initiatives, addition of more service categories and technology upgradation, said the company.

Founded by Pratyush Prasanna, formerly founder/CEO of Plustxt and VP at Paytm and Arun Kumar ex Tutorvista, Portea Medial, MagicX is promoted by GrowthStory, the venture builder platform founded by K Ganesh and Meena Ganesh.

Kris Gopalakrishnan in a statement said: "Bots and artificial intelligence are the next frontiers in technology. I am excited to back this team which is working in such cutting-edge technologies. I am impressed with Pratyush and Arun and the team they have assembled and I am looking forward to the change we can bring about in commerce,"

Prasanna said that with the addition of newer categories such as food, travel and ecommerce, as well as targeted marketing, MagicX aims to be the largest conversational commerce company in India.

"The backing we've received from some of the smartest investors and entrepreneurs in the business will help us build on our cutting-edge technology platform. We will also use some of the funds to market MagicX to the right audiences," he said.