magicpin revenue triples to Rs 870 cr in FY24, becomes 3rd largest food app

The company continued its dominance on the government-backed Open Network for Digital Commerce (ONDC), maintaining its status as the largest food delivery seller app on the network

Hyperlocal e-commerce startup Magicpin on Tuesday reported a threefold rise in its revenue in the financial year 2024 (FY24), as it continued to maintain its hold over government-backed Open Network for Digital Commerce (ONDC) as the largest seller app.

 

Magicpin’s revenue for FY24 came in at ₹870 crore, up from ₹297 crore in the previous financial year. 

 

The company’s adjusted Ebitda (earnings before interest, taxes, depreciation, and amortisation) margin narrowed to -9.8 per cent in FY24 from -39.2 per cent in FY23 (₹86 crore vs ₹117 crore, excluding ESOP expenses). The growth was accompanied with a sharp 30 per cent year-on-year (Y-o-Y) reduction in cash burn. 

 

 

“The improved metrics highlight Magicpin’s ongoing efforts to scale sustainably and move towards profitability,” the company said.

 

Magicpin also claimed that it was the country’s third-largest food delivery app.

 

On ONDC, the firm processed 1.5 lakh food and logistics orders daily through the network. 

 

It has expanded its food delivery partnerships on ONDC to include major brands such as Rebel Foods (Faasos, Oven Story, Behrouz Biryani), McDonald’s, Burger King, Wow! Momo, Pizza Hut, Barbeque Nation, and Barista.

 

The company recently launched MagicNOW, its 15-minute food delivery service, that completed 200,000 orders within its first month, catering to the rising demand for quick commerce. The company forayed into quick food delivery in December 2024. 

 

In addition, MagicFleet, the company’s AI-powered SaaS logistics platform, manages 300,000 orders monthly. The company aims to scale this fleet to 100,000 riders, targeting one million deliveries per month in the next three months. MagicFleet has so far on-boarded over 40,000 riders.

 

Beyond food delivery, Magicpin has solidified its presence in the fashion retail sector, partnering with over 500 brands and 20,000 fashion stores across India. The collaborations include brands like Puma, Wildcraft, United Colors of Benetton, Levi’s, and Lifestyle. 

 

Commenting on the company’s performance, Chunky Shah, chief financial officer of Magicpin said, “We are now India’s 3rd largest food delivery app and largest seller app on ONDC for delivery. The 30 per cent reduction in burn demonstrates our disciplined approach to operations and extensive use of gen-AI and positions us well for a sustainable growth trajectory.”

 

Speaking on the company’s market share, he added, “We have gained market share in major cities, with double digit (more than 10 per cent approximately) market share in key markets like Delhi or Bengaluru in terms of overall food delivery.”